makolda didn't you comment on all my bear market opinions, told me i was wrong on thinking that the next bubble was in oil and commodities, told me I was a loser for averaging down in etfs like DUG and SMN called me out everytime I said to sell the rallies. Want me to pull up those posts???????
No doubt that if the market rebounds huge so will apple. This is not like some shitty financial company that will never recover.
The dow falling 500 points obviously doesn't help. But it hit a bottom of 93 and closed at 96 when the dow staged a final 30 minute rally so the buyers certainly aren't gone.
You said it!....When I finally was able to check on the options it was around 10:30 this morning and they were like $0.07 cents. But since the cost of them were partial profits from a previous trade I decided to just let them ride instead of closing them out to salvage something. I was impressed how APPLE maintained most of the day in this lousy market and even had some buying come in at the end of the day... Thank you for your sound advice!
You're welcome. Too bad you were not able to to benefit from the lesson of imploding implied volatility before you put the trade on. Buying options shortly before earnings is a gamble at best. Unless you're privy to inside info, the odds are against you. The traders in the option pits make their living off amateur players buying inflated options before earnings. Plus, after they take the other side of your trade, they hedge themselves so that any surprise in earnings doesn't leave them holding the bag. Quote from Recall: You said it!....When I finally was able to check on the options it was around 10:30 this morning and they were like $0.07 cents. Here's another tidbit of advice. Never hold a short-term position overnight and then not be there at the open on the next days session. Your options, according to Yahoo Finance, opened at $.25 and you could have probably liquidated your position for a small profit (or at least break-even). Not being there at the open to watch how your position trades (and also having a plan to take action as needed) is not very smart, nor professional. There are a lot of very smart people trading the markets. They're your competition. Never forget that. (I was even going to mention in my original reply, that if it were me, I'd sell on the open, but then I didn't want to give you (or anyone) specific trade advice.) Quote from Recall: But since the cost of them were partial profits from a previous trade I decided to just let them ride instead of closing them out to salvage something. More advice: Your statement above is NOT the correct way to think or asses things. Don't look at paper profits as the "market's money". Paper profits become your profits once booked. And most certainly, once profits are booked, that is definitely your money. Deciding to let a loosing trade ride (and with the case of options, expire worthless) just because the trade was funded from a profits is again, not very smart, nor professional. Treat each trade with the same discipline and merit, never with this "oh well this position was purchased with profits so I don't have to manage it like I would other trades". That's extremely poor trading psychology and a very amateurish attitude to take. Trade well; trade smart.