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Buying June Puts will not work. The stock is not going to collapse overnight. It will be a slow arduous process!

I'm going to sell some Dec 1 Calls today. Probably early in the morning.

I can feel the tickle already.

MUST, Stock hasn't completely tanked AH and my guess is that GM will extend the deadline for the bondholders till the end of the weekend. If this happens, I will sell the crap out of the Jan 2.5 Calls tomorrow morning. If they somehow reach a deal with bondholders tonight, then my puts...

Stock is moving down in AH though on news that bondholders nixed the GM offer. That was the final piece that GM needed for a reorg and to save off bankruptcy. Thoughts?

And also, GM won't just open at .01 one morning. Most likely it would open at .30 or somewhere in that range and drift down. And news could come out during market sessions giving put sellers a chance to cover. I don't feel this is an all or nothing trade. Lots of variables here which usually...

GM is doing everything it can to stay out of bankruptcy right now. I think you would have been better of buying longer term puts to give yourself extra time. I just don't see stock collapsing to under 50 cents in the next 3.5 weeks.

If it was going bankrupt, stock would not be at 1.50 right now.

Problem with your trade is that all this won't go down in the next 3.5 weeks.

Good trade Random, at least I think. Who knows what will happen but I didn't go all in on these, scaling in. Will see where stock treads the next few days, may tick down a little lower, so you can sell a few more at a slightly higher price. The premium will start ticking off these things...

I look forward to it!

Are you buying them outright, for a quick scalp? Or for hedging purposes?

Just sold a ton of these bad boys for .45

I was busy with yo mama

??

Looks like a good short. Just be aware that there were some DELL takeover rumors making the rounds this morning.

are these things going to come back to earth or what??

Anyone know any prop firms that trade these night hours?

You kept riding the wave and now its too late.. eat sh!t!!

Sell Jan 11' 25 calls.. stock just got bought out for $25 so you'll capture the premium once the deal is completed. Part of it is stock but NTAP is a dog of a stock. Don't expect much movement there.