I had 3648 call options for March 7 and 8 strike price. The manipulation by MM sucks.
I lost 186 grand and of course the stock pops right after they expired. They say MM don't manipulate stock prices to avoid paying options, THEY LIE!! If you have options for April take the money and run with at least 2 weeks left before expiration. I made this call in my Seeking Alpha blog back in March only to see the MM increase the short by 2.4 million shares just to make the options expire well below the real value of BYD. Just wish I had rolled everything over. I would have had I known that Boyd would report earnings the following month.
Without the up-tick rule, its much easier and cheaper for the hedge funds and other option sellers to manipulate the stock so the most options expire worth less on expiry day. IF you do buy options make sure you include at least one earnings date (preferably more) before your options expire. I've lost hundreds of thousands over the years on options until I finally figured this out.
I got burned for 2000 9 strike SWHC calls this month. On the Monday they naked shorted the stock and have held it down till today. I couldn't even roll them over they pounded it down so fast. However, The short interest increased and the daily short has been higher everyday since the 15th. They can't get anyone to sell. It rose today on weak volume. I bought the June call options. The best part about that is June 21st is SWHC earnings and options expire on that day. They won't be able to hold the stock price down with all the buying that will be coming in before their positive earnings and the covering of the massive short position. Expect a pop soon.