SPDR S&P 500 (SPY)

[Perseverance71]

In case you guys haven't noticed the option premium rape situation is getting worse and worse. I buy some slightly out of the money September 23rd calls minutes before 2:00PM. SPY is at $213.85. 2PM hits, SPY begins it's grind upwards. SPY moves all the way to $215.20 and my calls are just break even at that point. Nice swindle. I get that the implied volatility was higher due to FOMC but that is ridiculous. They're selling options at grossly over inflated prices and profiting off of retail traders. It's fraud. Plain and simple.

This happened a few weeks ago too where I bought calls and SPY gapped up the next day but my calls lost value as noted in this post from September 2nd:

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=124943567

I understand Delta, Theta, etc. so I am able to calculate what the prices should be and it is not matching up at all.

This is a recent phenomenon as I remember trading FOMC's of the past and making good money. I remember buying calls before 2PM on FOMC day and then if SPY ripped 1-2 dollars the options would actually gain value. Thankfully SPY grinded to $216 so I was able to squeeze out smalls gains on my options, but this is getting absurd and making me mad.