on sept 3, i bought oct 08 mer 15 puts for .18 when mer was at ~ 27/share. pure gamble play, just thought i'd sell if any bad news come out. didn't do many of them, i figure since it's a gamble-play, buy 5 for about $100 and maybe sell IF it doubles or triples. then, sh*t started hitting the fan and leh news were all over the media. i couldn't believe how much the IV was going up. everyday. i wanted to pull the trigger and sell, but figured i'll hold until friday before some bailout news come out over the weekend. i sold those oct08 mer 15 puts for 3 when the stock was at ~17. still $2 out of the money!!! i wish i bought more i plugged the numbers in CBOE options calculator, and it says volatility is 200.797% outrageous.