<option>text</option> not tidied up correctly?

Hi. This code:
<select NAME="TP">
    <option value="S" Selected>STOCK
    <option value="F">FUND
    <option value="I">INDEX
</select>  
converts to this code after I run HTML-Tidy:
<P>Type: <SELECT NAME="TP">
<OPTION VALUE="S" SELECTED></OPTION>
<OPTION VALUE="F"></OPTION>
<OPTION VALUE="I"></OPTION>
</SELECT></P>

and I get a warning: 
discarding unexpected plain text
Is this a bug?
thanks

Steve Deszpoth
(p)416-226-2900 x3220
(c)919-1148
(f)226-4456
email: sdeszpoth@724.com

Received on Tuesday, 12 October 1999 11:15:00 UTC