Congrats to all the longs. You took over $30k from me today. I lost about an average of $5 per contract on 60 puts. Wow!!! I must say that I got caught badly by this move. I was not surprised that it went up, that is why I waited until $305-$306 territory to short, but I didn't see the train that ran me over. Rough weekend, especially since Tesla killed me this morning too. We will have to see what happens next week, but this may get worse for me.
Boy am I glad to see this drop. Friday was brutal and I don't want to see any more days like that. I was able to get off of 50 of my puts today and get most of my money back. That $30k beat down stung, especially going in to the weekend. I am used to taking risk and make a lot of good and bad calls, but in this case I got in over my head.
It was a valuable lesson in which I paid about $7k for. If it plunges another 3 or 4 points tomorrow the lesson may not cost me at all, with the exception of stress. I don't think it will drop with the dog and pony Obama visit, but I plan on riding the remaining contracts out for a few weeks to see this in the $290's. I just need Sybs to spend the rest of the night warning me about tomorrow so that we can have another big down day.
should of moved that money out one month, today was some crooked option plays by the big boys to make back the money they going to lose in the commodity market. they will sink the whole dam market right on cue also. just watch.
I feel for ya man. I had one of those days a while back and the pain is almost sickening. That is why I try to never go over twenty contracts. I got hosed today too on the 300 and 285 puts plus shorting the market indexes. This is almost reminiscent to 08.