Hey Bob,
Nice rally, but can sure sympathize with your predicament!
Anyhow, I think that the other contributing factor to the spread is the amount of underlying controlled. For example, the qqq's control 1/40 of the NDX. On average, for equivalent expirations and strikes, the B/A is 1/40 of the NDX.
Just some food for thought.
I have been in the UOPIX fund since the commencement of the April rally, but did not sell. Have been trading my way out ever since. Today should mark the first green day for me.
FWIW, I have started the Automatic Investors thread here. Trying to come with some new twists on an old theme. Not much interest though. I have a gut feel that options can play well into this hand, time will tell.
Good luck!
