So....I need advice on how to get out of my 12/16 bear put spread on VVUS. It was at 10.55 today and it looks like it'll open above 20 on the FDA panel recommendation that everyone was claiming wouldn't be approved. Should I cover the 12 and let the 16 run, or sell it all out at once? Burned!
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My option trades
- Thread starter ryanpatrick
- Start date
Tough one that! The bear spread. Who said spreads are safer than direct gambling bets? Not so!
Quote from scottandmo:
So....I need advice on how to get out of my 12/16 bear put spread on VVUS. It was at 10.55 today and it looks like it'll open above 20 on the FDA panel recommendation that everyone was claiming wouldn't be approved. Should I cover the 12 and let the 16 run, or sell it all out at once? Burned!
Not everyone. http://www.elitetrader.com/vb/showthread.php?s=&postid=3453127#post3453127
Quote from ForexForex:
Not everyone. http://www.elitetrader.com/vb/showthread.php?s=&postid=3453127#post3453127
A shame it won't make up for your 2200% loss on premium in AAPL and 100% in BIDU.
Quote from scottandmo:
So....I need advice on how to get out of my 12/16 bear put spread on VVUS. It was at 10.55 today and it looks like it'll open above 20 on the FDA panel recommendation that everyone was claiming wouldn't be approved. Should I cover the 12 and let the 16 run, or sell it all out at once? Burned!
Take the 18 cents. There is no "out" or repair.
Did you deliberately do an opposing pairs trade, or was it accidental?
I´m sweating out my QQQ´s that went down quite a bit, which I feel having just recently jumped into 10 contracts. Hoping to get out at breakeven or so. But doesn´t look like it.
I´m sweating out my QQQ´s that went down quite a bit, which I feel having just recently jumped into 10 contracts. Hoping to get out at breakeven or so. But doesn´t look like it.
Quote from jeffalvinson:
This turned out to be a nice pairs trade:
The MT calls stopped out at -20%.
The IYT puts hit the 91 target and sold at +40%.
Nicely done jeff. Still holding onto HLF and I now have that ESRX position too. Both are up, but not by much, and with so much time left I'll just hold on to them. Add in the possible call on DECK today and I'm starting to get fully loaded.
Quote from falconview:
Did you deliberately do an opposing pairs trade, or was it accidental?
I´m sweating out my QQQ´s that went down quite a bit, which I feel having just recently jumped into 10 contracts. Hoping to get out at breakeven or so. But doesn´t look like it.
That was deliberate because the SPX was nearing the top (1370) of its 3 year range, I felt there was very little upside left in the markets
but I felt MT had a little more upside potential. (Ryan had warned me if the market started tanking, MT would go first and he was right!)
So the second half of the pair I used as a hedge for the possible
market retracement to the downside by buying puts on an ETF that had already started to correct before the general markets.
It was textbook and I made a few bucks.
Quote from atticus:
Take the 18 cents. There is no "out" or repair.
Sorry, I meant to say bear CALL spread. I tried to edit my post but it was my first one so it was under review and I couldn't change it. I wanted to sell the 16 calls this morning and wait for a pull back to buy back the 12's, but it looks like I don't have the margin requirements to do so. I guess I'll just have to cut my losses cuz I don't think it's going any higher, so I don't want to just buy back the 12's and hold the 16.