I bought some March 170 calls before earnings for 0.09. They got up to almost $30 per contract, and I was feeling great. Now Netflix seems to be correcting. So I panicked and sold half of them for $20. Im thinking about selling the rest bc something tells me this stock is going to crash even more and leave those remaining options worth just about nothing. Naturally I want it to continue to go up but this price action is scaring me. What's next for netflix?
Because right after earnings, I sold some at $2. 19 of the 50 that I bought. Imagine how dumb it felt when it skyrocketed to $20. So I didn't want to sell prematurely again. But now it seems like every time this stock makes a move up, it shoots down immediately which is a bad sign. Every $1 it drops, my portfolio loses $1,000 in value. This feels great when the stock goes up and Im gaining $1,000, but feels horrible when it goes down. And I have a feeling its gonna continue to go down. I hope this isn't the case though. But it seems like the institutional investors are beginning to dump the stock. What do you guys think? Time to close my position and buy puts?