Soliciting opinions here…
I bought some Nov 155 puts for about $.10 (my “catastrophic insurance policy)...they’ve gotten as high as $1.90, today.  How do you more experienced guys feel about whether we’ve seen a bottom?  Should I hang onto them, just in case things get worse?  Or, sell them since they’re about 15 baggers, just now?  I’m hoping you all advise selling them because you think we’ve seen the end of the carnage. 

Dec $200s for $3.55 now

[quote author=“sstenner”]Soliciting opinions here…
I bought some Nov 155 calls for about $.10 (my “catastrophic insurance policy)...they’ve gotten as high as $1.90, today.  How do you more experienced guys feel about whether we’ve seen a bottom?  Should I hang onto them, just in case things get worse?  Or, sell them since they’re about 15 baggers, just now?  I’m hoping you all advise selling them because you think we’ve seen the end of the carnage. 

Bought some puts (Nov) $170 for insurance some days ago.  Plan to hold till OE ... my usual practice ... insurance means throwaway ... just me .

[quote author=“sstenner”]Soliciting opinions here…
I bought some Nov 155 calls for about $.10 (my “catastrophic insurance policy)...they’ve gotten as high as $1.90, today.  How do you more experienced guys feel about whether we’ve seen a bottom?  Should I hang onto them, just in case things get worse?  Or, sell them since they’re about 15 baggers, just now?  I’m hoping you all advise selling them because you think we’ve seen the end of the carnage. 

I think you mean puts?

[quote author=“Tommo_UK”][quote author=“sstenner”]Soliciting opinions here…
I bought some Nov 155 calls for about $.10 (my “catastrophic insurance policy)...they’ve gotten as high as $1.90, today.  How do you more experienced guys feel about whether we’ve seen a bottom?  Should I hang onto them, just in case things get worse?  Or, sell them since they’re about 15 baggers, just now?  I’m hoping you all advise selling them because you think we’ve seen the end of the carnage. 

I think you mean puts?

Yes…sorry…I’m a bit rattled, today, though trying to remain calm.

[quote author=“Mace”][quote author=“sstenner”]Soliciting opinions here…
I bought some Nov 155 puts for about $.10 (my “catastrophic insurance policy)...they’ve gotten as high as $1.90, today.  How do you more experienced guys feel about whether we’ve seen a bottom?  Should I hang onto them, just in case things get worse?  Or, sell them since they’re about 15 baggers, just now?  I’m hoping you all advise selling them because you think we’ve seen the end of the carnage. 

I have a couple of 170 puts, too…I generally hold till OE, as well and definitely plan to hold the 170’s, in light of the current volitility.  Just thinking I could make a couple thousand now, rather than (hopefully) see the 155’s expire less-than-worthless, next week, IF consensus is we’ve seen a bottom.   

added to my jan 09 LEAPS, still sitting on some cash though (30%)

I just sold half my April 250s for break even and bought more Dec 200s at $3.60

sstenner

$167.77 passed the 14.6% retracement of III.3.  Could mark the completion of III.4.A (or A.a ).  Since you’ve puts (Nov) $170, puts (Nov) $155 is probably not needed.  Sorry to answer late, was busy with the appraisal guy, need an appraisal for the new housing loan.

Well today is now a red letter day for me.

This melt-down today coincided with my account being approved for option trading, my latest cash infusion being posted and calls tanking. Bit of a planetary alignment, I guess

So - I bought Jan 08 185 calls. I am now ‘officially’ in options. Kinda nervous and excited at the same time.

Probably would never have considered doing it without the AFB and the great experience base here.

[quote author=“Mace”]sstenner

$167.77 passed the 14.6% retracement of III.3.  Could mark the completion of III.4.A (or A.a ).  Since you’ve puts (Nov) $170, puts (Nov) $155 is probably not needed.  Sorry to answer late, was busy with the appraisal guy, need an appraisal for the new housing loan.

No problem.  Thanks for your thoughts and hope the appraisal went well. 

We’re heading back up…I’ll probably set a limit order, just in case we see another drop and let them expire worthless, if it doesn’t happen.  I’d be glad for the order not to fill.

[quote author=“sstenner”][quote author=“Mace”][quote author=“sstenner”]Soliciting opinions here…
I bought some Nov 155 puts for about $.10 (my “catastrophic insurance policy)...they’ve gotten as high as $1.90, today.  How do you more experienced guys feel about whether we’ve seen a bottom?  Should I hang onto them, just in case things get worse?  Or, sell them since they’re about 15 baggers, just now?  I’m hoping you all advise selling them because you think we’ve seen the end of the carnage. 

I have a couple of 170 puts, too…I generally hold till OE, as well and definitely plan to hold the 170’s, in light of the current volitility.  Just thinking I could make a couple thousand now, rather than (hopefully) see the 155’s expire less-than-worthless, next week, IF consensus is we’ve seen a bottom.   

Steph-

Congrats on having the foresight to buy some puts.

I wouldn’t be suprised if we test the lows at least one more time tomorrow. If so I would consider holding the 155s and sell some 150s or 145s against them to form a vertical to lock in some profits and still give you more downside protection as well.  Could do a similiar thing with your 170 puts.  It would be a bummer to see AAPL fall to 170 or 160 and stay there until expiry - causing you to lose the benefit of your insurance purchase but still suffer from the price decline.

Just my 2 cents.

mtdoc,

Why not roll forward to puts (Dec) for next month protection?

[quote author=“mtdoc”]
Steph-

Congrats on having the foresight to buy some puts.

I wouldn’t be suprised if we test the lows at least one more time tomorrow. If so I would consider holding the 155s and sell some 150s or 145s against them to form a vertical to lock in some profits and still give you more downside protection as well.  Could do a similiar thing with your 170 puts.  It would be a bummer to see AAPL fall to 170 or 160 and stay there until expiry - causing you to lose the benefit of your insurance purchase but still suffer from the price decline.

Just my 2 cents.

Yes, the one, tiny…very tiny, spot of green in my portfolio…of course, I am now wishing I bought more     I am afraid you’re right, so I’m going to hold them.  After summer, my new “strategy” is to buy far OTM puts for the near month that are cheap…usually $.10 or $.15 (though I paid about $7 for the 170’s, just before earnings release )  I was burned too badly, this summer, to not take at least *some* precaution against a huge and unexpected drop.

Unfortunately, I can’t sell puts through Sharebuilder…don’t know if it’s my trading level there, or their policy.  I suspect the latter.  I still haven’t transferred my account to TOS…shoulda, woulda, coulda   (and would be better off in *many* ways, if I had).

So, I guess I’ll just hang on and hope they expire less-than-worthless because AAPL is back up over $190 at OE.

Thanks for the $.02. 

[quote author=“Mace”]mtdoc,

Why not roll forward to puts (Dec) for next month protection?

That’s a possibility…I already have 10 Dec 125 puts, but nothing at a higher strike.

Thanks, Mace.

[quote author=“sstenner”]
Unfortunately, I can’t sell puts through Sharebuilder…don’t know if it’s my trading level there, or their policy.  I suspect the latter.  I still haven’t transferred my account to TOS…shoulda, woulda, coulda   (and would be better off in *many* ways, if I had).

Why don’t you transfer part of your account to TOS maybe your longer term positions and some cash so you have something to trade with and then transfer the balance after TOS gets funded. Just a thought.

d