I'm at a loss to explain to myself why someone paid you a premium for a strike price that low. — They must picture a true horror show at the market's close on Friday.
Not knowing what will happen on Friday myself, I suppose it's possible but I just don't know.
My problem with options has always been a lack of 'emotional understanding'.
Deciding what the price of a security will be at a particular time on a particular date seems irrational to me.
It seems in no way related to how I think about value when investing.
It's like betting whether a particular person will bear more of their weight on their left foot or their right foot at 2:27 pm on a particular day. It seems such an irrelevant fact to bet money on.
And then you have the unscrupulous trying to manipulate real world events so that person trips on the sidewalk at 2:27 pm, as they did by leasing up all the oil storage tanks in Cushing, Oklahoma to make crude oil futures close at a negative price. It's not something I'm comfortable with.
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