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Strategies & Market Trends : Calls and Puts for Income

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From: Robohogs	10/21/2012 9:14:35 PM
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I was daytrading (ahh, night-trading as back in Asia as of Friday night) AAPL pins on Friday night and wisely moved to bands off of a wrong first guess with increased size. Anyway, AAPL dived right at close of day to 16 cents below my lower band. I tried to last second pick off the short puts but only got 6 of the 31 bought in (at a dime) without being able to increase price before the close. I think I recall a time when option trading kept going for 10 minutes - is my memory faulty? Anyway, I spent much of weekend worry about the $1.5 million of AAPL stock to be delivered, along with $250,000 of STX from its late dive and a short of $15,000 on OSG because the market makers were being pigs insisting on a dime premium most of the day and then a nickel - decided to take that and the STX risk but did not want the AAPL risk (downside was collared during the day Friday). Long story short, I did not check my assignments and expirations Sunday morning (evening my time) just not wanting to know. I just checked, and out of 31 short puts, reduced to 25 puts by late trade, I only got assigned on 4. That was with AAPL down a bit post-market. I have never been more surprised - I expected at least 15-20 assigned. I do suspect we get a hard upside reversal Monday am with earnings and mini launch in next few days and the nature of the hard dive. I almost wanted more. I still have half a mill of stock to move Monday morning between STX and AAPL, but much easier task especially considering I had about that much buying power expected for the open. Jon

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