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Strategies & Market Trends : Classic TA Workplace
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To: At_The_Ask who wrote (67509)2/26/2003 7:23:08 PM
From: jjstingray  Read Replies (1) of 209892
 
Yep. In October I had a few hundred ERTS December $60 puts that expired in December. The Wednesday 8 trading days before expiration the stock was at $65 I think, my puts were going to be worthless. The stock started dropping. I got out for a little better than breakeven on Thurrsday, the stock had dropped to about $62. To make a long story short, the stock traded at $51 by the following Wednesday.

I had tracked that damn stock for two months, I knew it was going to breakdown and hard. It broke down out of a 3 year uptrend wedge. Anyway, I left about $200,000 on the table because I thought I would get an opportunity to reposition into January puts on a bounce.

Moral of the story, always, always, always buy options a month further out than you think.
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