Posted this on another BB, if you or anyone else plays options; would really appreciate your thoughts regarding trading way out of the money options when it looks like a turn is coming. And yes, I am short AAPL, got in too early as I posted here, but added puts when it hit 185.:)
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Would like your comments on this, please. Don't know if it's your kind of thing, but perhaps you have some thoughts on this...
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AAPL has been like a rocket; however, when it retraces, it REALLY retraces. Anyway, the May S170 options are way out of the money and resulted in the price for these options today to drop to .43. Symbol is +APVQN. AAPL came off the high of day and started to retrace. Those out of the money options got as high as $1.25!! $180.54 was the LOD and far from S170; however, there was that big move on options. I'm going to be on the lookout for plays like this in the future for they can be very lucrative and even if it turned on you, @ .43 you could get 10 contracts for $430+commission. If you sold at HOD you would sell for $1,250 - commissions. Sounds pretty good to me. LOL I realize not everyone would get the LOD and sell at the HOD, just using that as examples.
BTW, I added to some June S80 puts I have on V @ 2.40; that;s +VRP. That was far from LOD, but it was when I thought V might be turning.
Lexi
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