I have to make up $2.....if so, then I'm in the money. The question will be, EOD.....will try to decide if closing out or a big bopper hold. Just the thought of it is beyond........ No way to know at this moment. (well, I think I have an inkling)
I always choose a strike price with at least a 3% spread. you should consider doing the same, otherwise just one mistake will wipe you out clean. what was your strike price. also was that put contracts I am assuming.. if so, that's are going in your direction for now.
I actually had an overnight call position and immidiately sold this morning for a small loss, and that just snapped my 9 in a row winning streak I had built up since April 27th. it was a 107 strike price with a 4 dollar safety cushion..
by the way, I just got a SHORT THE SHI_ out of the S&P index at approximately 10:45am EST... I entered with a 113 strike price , 1000 put contracts at 4.27/share. just 30 minutes late, the price is at 4.83/share. so now I am up 5 times a much as my small loss this morning... and now has faded to 4.70/share. still up 43 cents a share... I'll be keeping a close eye on this one, and with a market sell order at 4.57, so I can still get 30 cents a share in profits if it drops any further.
you are very lucky, that news broke out in Spain, otherwise you could have been wiped out caught holding the bag with a worthless call option...
I am at all cash right now, but I very glad that you are back in the money with that last burst...
to prevent putting yourself in another situation like this where you risk losing everything, consider giving yourself at least a 3 to 5% cushion from the strike price, so you won't put yourself in that predicament anymore.
and as a safer precaution, only day trade options near the money, since a 3-5% cushion can easily be broken in an overnight hold due to unexpected breaking news that would result in you waking up in the morning finding our options are worthless... don't let that happen to you, so please only consider day trading options, that way you can be near the money with high leverage as long as you have at least a 2 to 3 dollar cushion, if you choose not to go as high as a 3 to 5% cushion.
I hear you cmegladon... I follow the dollar index everyday since it plays a major role in the crazy volatile movements in the S&P index. However, I wouldn't touch the dollar index with any of my money, because it's so volatile, that it's like walking in a casino. the only exception would be isolating a particular 30 minute session to play during one of it's vicious moments that appears to happen 2 to 3 times day, just getting in and our really fast... meaning anything over 30 minutes, than that's no different from walking in a casino.
lastly, one could make millions just becoming an expert in day trading highly leveraged puts and calls on the SPY index. just like a heart doctor only works on hearts, and a dentist only works on teeth. it really pays to be a specialist, and just be the best there is to be a that one thing, without any other distractions.