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MTE, since you have been so helpful, can you explain something. Changing vol is certainly the thing I don't understand well enough and I won't be getting into another trade until I completely wrap my mind around it. For example today the near month vol increase wasn't even close to the amount...

I appreciate the help. This could have been a lot worse than it was. I got out this morning as vol went in my favor today to bring me back so that I only needed to take a small loss. I got out at .20 There doesn't seem to be any way to simulate changes in vol like that via the models and...

Thanks for your reply. Very soon after I posted this message I realized this is definitely what is happening, so I'm glad you can confirm that. How do you think I extricate myself from this situation?

So I rushed into a trade that I thought looked promising. Not much money so that's no big deal, but I have some questions and as long as you answer them helpfully you can insult the crap out of me as well : ) Got into a calendar spread SVNT last week. Sold Jun 5 @ 1.86. Bought Jul 5 @ 2.14...