I posted my reply to you after reading your query and before reading the other posts that intercepted your question.
Going forward, avoid the unnecessary abuse from those that want to build themselves up by tearing others down. Write me at my e-mail address with any future questions. (You can keep your identity secure by getting a free e-mail box, under an alias, at hotmail.com, sofcom.com and others.) Then, you won't get hammered for going through the learning process that we all must go through. ----------------------------------------------
Since you've already been hammered, let me be more direct. The $60 November Call is a long shot. The prudent thing would be to sell it for a loss and to chalk it up to experience. (It MIGHT win for you, but holding it is betting against the house.)
IF you want to get back up on the horse right after being thrown, the January $50 CALL is a better play. Or, if Intuit continues down sharply tomorrow, perhaps the $45 CALL will be better still.
It depends on how you believe: a) the market and b) Intuit are likely to perform between now and the third Friday of January. If you're uncertain, there will be a LOT of other chances to try your hand at options.
Try "Options as a Strategic Investment." It's a thick but readable book.
Thanks for the input. Next time I will e-mail you instead of going through this board.
I purchased the Nov $60 OTM because, as I have been saying all along, I believe that it is achieveable and in the not too distant future. Surely before the 18th of November. I am a little concerned about the timing of the call because it is before their announcement on the 23rd or 24th of November. I am also concerned about the time-value of the option. When do you think it will reach it's steepest decline? I'm guessing another week or so, if INTU doesn't break out quickly, as it has in the past.