[AmericaUnited]

A lot of these trades have been found to have no basis. Take the American Airlines puts for example. I believe on the Friday before 9-11, American annouced poor earnings or an expectation of such, so of course people would be heavy buyers of puts on the following Monday, 9-10.

[aristeides]

I forget whether it was in American or United, but there was heavy trading in put options for one of those airlines on the Thursday and Friday preceding 9/11. Thursday just happens to be the day when bin Laden says on one of the videotapes he got word that the attack was going forward.