SPDR S&P 500 (SPY)

[Fox13]

Dan, I am afraid that what I wrote previously does not make much sense - I was in a hurry. When (at the stop price) I buy back my April calls, this is because at that low price they are not worth keeping, since they exhausted their down potential. After selling them, if the index continues to drop, I sell another batch of April calls, also out of the money but at a lower strike. It is some kind of a primitive damage control action, performed under the assumption that the price action might still revert sometime in the future. Does that make sense now?