I have not look at the option price in last 3~4 dyas. I bet they go up as quick as stocks. Waht I suggest is deep in the money call. When you come these type of call, you can always find some call barely has any time value in it after you took out the value already in the moeny. However, when stock price fall, it is not going to wend dow a lot since the time value of money start to kick in. It is always better for me just get rid of it quickly if stock is not going higher. If stocks went up, you will capture all the run up value immediately. Wether to cash in for the option or wait until a point you make a short, it's purely a personal judgement. Let's say a strike price @20 sells @5 1/8 sometime ago, It may be high as much as 8 now. You can get your money worth quickly. But the downward risk is relatively small. This will only work on speculated stock up run. Good luck!