SPDR S&P 500 (SPY)

[risk on]

I don't think that's crazy, but if the expiration was for Friday, it may be a lil risky. I always pay more to pad the time, because time is the real commodity over X price in these times. Couple reasons: 1) markets are not in a true pattern ever since this winter. 2) the drop will come, it will be steep, and it will be fast, as we have seen with recent drops, so X price is not soooo much of a variable as opposed to " when"? That's why buying yourself time is always a plus in puts right now. I've had two reapings over the past few weeks. The first one I would of lost my shorts ( so to speak) had I not paid the time premium, because just two days saw those puts double in price, and I was well within the $ on most after the first sell off day. Might not hit grand slams when one extends expir date, but it sure beats a zero. " lil bit of something , better than a whole lot of nuttin " . Not to mention the stress reduction, that's got to be worth something.