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Expiring Monthly 1012

Expiring Monthly 1012

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DECEMBER 2010|Vol. 1 No. 10
MONTHLY
THE OPTION TRADERS JOURNAL 
 An IntervIew wIth
Gary Kaz
Bildig a Sa Cac: Pa I
the Future oF
OptiOns EXCHAnGEs
EXCHANGES
CHANGESIN
 
www.expiringmonthly.com DECEMBER 2010 2
ONTHLY
THE OPTION TRADERS JOURNAL 
Table of ConTenTs
4
edit’ nt
Bill
Luby 
5
ak th Xpt
The
Expiring Monthly Editors
7
bidi  s Ctch: Pt I
Bill
Luby 
9
the
 
new
 
option
 
trader
:
smstti t Cid 
Mark 
D Wolnger 
11
a Dcii T  Dt Hdi
 Jared
Woodard 
13
eXPIrIng MonTHly feaTure
Th ft  opti exch
Mark 
Sebastian
19
 wolf
 
against
 
the
 
 world
:
Pmt  od f I  bd Id
Mark 
D Wolnger 
21
follow
 
that
 
trade
:
VIX Mit 
Bill
Luby 
24
gp Qtit
Steve
Lentz, Guest Editor 
27
a Itvi ith Ise Ceo g Ktz
Mark 
Longo, Guest Contributor 
32
H Mkt Mk Div th Qty Td
Mark 
Sebastian
34
bk rvi: opti Th dTdi
Mark 
D Wolnger 
36
back 
 
page
: I’d rth b riht Thb lck
 Jared
Woodard 
eDITorIal
Adam WarnerBill Luby Jared WoodardMark SebastianMark Wolnger
DesIgn/layouT
Lauren Woodrow
ConTaCT InforMaTIon
Editorial Comments: editor@expiringmonthly.comAdvertising and SalesExpiring Monthly PresidentMark Sebastian: marks@expiringmonthly.comPhone (773) 661 6620
The information presented in this publication does not consideryour personal investment objectives or nancial situation; therefore,this publication does not make personalized recommendations. Thisinformation should not be construed as an offer to sell or a solicitationto buy any security. The investment strategies or the securities maynot be suitable for you. We believe the information provided is reliable;however, Expiring Monthly and its afliated personnel do not guaranteeits accuracy, timeliness, or completeness. Any and all opinions expressedin this publication are subject to change without notice. In respect tothe companies or securities covered in these materials, the respectiveperson, analyst, or writer certies to Expiring Monthly that the viewsexpressed accurately reect his or her own personal views about thesubject securities and issuing entities and that no part of the person’scompensation was, is, or will be related to the specic recommendations(if made) or views contained in this publication. Expiring Monthly and itsafliates, their employees, directors, consultants, and/or their respectivefamily members may directly or indirectly hold positions in the securitiesreferenced in these materials.Options transactions involve complex tax considerations that shouldbe carefully reviewed prior to entering into any transaction. The risk of loss in trading securities, options, futures, and forex can be substantial.Customers must consider all relevant risk factors, including their ownpersonal nancial situation, before trading. Options involve risk andare not suitable for all investors. See the options disclosure documentCharacteristics and Risks of Standardized Options. A copy can bedownloaded at http://www.optionsclearing.com/about/publications/character-risks.jsp.Expiring Monthly does not assume any liability for any action takenbased on information or advertisements presented in this publication.No part of this material is to be reproduced or distributed to others byany means without prior written permission of Expiring Monthly or itsafliates. Photocopying, including transmission by facsimile or email scan,is prohibited and subject to liability. Copyright © 2010, Expiring Monthly.
 
www.expiringmonthly.com DECEMBER 2010 3
 Abou he
Exrg Mohly team
 Adam Warer
Adam is the authorof 
released inOctober 2009from McGraw-Hill.He co-wrote theoptions column onStreet Insight from spring 2003 to spring2005, and is currently Options Editor atMinyanville.com.When not writing, Adam is a proprietaryoption trader with Addormar Co, Inc. Hetraded as a member of the American Stock Exchange from 1988 –2001, and in severaloff-oor locations since then.Adam Warner graduated from JohnsHopkins University with a degree inEconomics.
Bll Luby
Bill is a privateinvestor whoseresearch andtrading interestsfocus on volatility,market sentiment,technical analysis,and ETFs. His work has been has beenquoted in the Wall Street Journal, FinancialTimes, Barron’s and other publications. Acontributor to Barron’s and Minyanville, Billalso authors the VIX and More blog and aninvestment newsletter from just north of San Francisco. He has been trading optionssince 1998.His rst book,
, isscheduled to be published by John Wiley &Sons in 2011.Prior to becoming a full-time investor, Billwas a business strategy consultant for twodecades and advised clients across a broadrange of industries on issues such as strategyformulation, strategy implementation, andmetrics. When not trading or blogging,he can often be found running, hiking, andkayaking in Northern California.Bill has a BA from Stanford University and anMBA from Carnegie-Mellon University.
Jared Woodard
 Jared is the principalof Condor Options.With over a decadeof experiencetrading options,equities, andfutures, he publishesthe CondorOptions newsletter(iron condors) and associated blog. Jared has been quoted in various mediaoutlets including The Wall Street Journal,Bloomberg, Financial Times Alphaville, andThe Chicago Sun-Times.In 2008, he was proled as a topoptions mentor in Stocks, Futures, andOptions Magazine. He is also an associatemember of the National Futures Associationand registered principal of ClinamenFinancial Group LLC, a commodity tradingadvisor. Jared has master’s degrees from FordhamUniversity and the University of Edinburgh.
Mark sebaa
Mark is aprofessionaloption trader andoption mentor.He graduated fromVillanova Universityin 2001 with adegree in nance.He was hired intoan option trader training program byGroup 1 Trading. He spent two years inNew York trading options on the AmericanStock Exchange before moving back toChicago to trade SPX and DJX options Forthe next ve years, he traded a variety of option products successfully, both on and off the CBOE oor.In December 2008 he started working asa mentor at Sheridan Option Mentoring.Currently, Mark writes a daily blog on allthings option trading at Option911.com andworks part time as risk manager for a hedgefund. In March 2010 he became Directorof Education for a new education rmOptionPit.com.
Mark Wolger
Mark grew up inBrooklyn and holdsa BS degree fromBrooklyn Collegeand a PhD(chemistry) fromNorthwesternUniversity. Afterworking as aresearch chemist for Monsanto Company, inDecember 1976 he packed his belongings,left a career as a research chemist behind,and headed to Chicago to become a marketmaker on the trading oor of the ChicagoBoard Options Exchange (CBOE).Over the next 23 years, he worked primarilyas a market maker, and also held a variety of positions in the industry.After leaving the CBOE (2000), hebecame an options educator and stressesconservative methods, as detailed in hisnewest book,
.He currently resides in Evanston IL with hislife-partner, Penny.

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