I bought some April $110 calls on cat for 2.56. Needless to say I am losing big, is at about .20 now. With todays big drop I think it will go up some with a decent market day later the week. My question is: I know it will not reach the $112.56 price but do you think it is worth buying some more at this price to offset my loss, or do you think it will still lose from here given it only has 3 days to expiration? TIA
You would have to be f*cking certifiably insane to add here. No point in selling at $0.20, but don't add.
Atticus, I don't have the certification but some have said I could get it easily. By saying not to sell now are you saying it may go up some? Free Thinker, I wish I could blame it on Cramer but I did this on my own, thought Cat was unstoppable. Thanks for the replies, keep them coming.
1) Get out of the position, "at the market". 2) You have to have better "conviction" about managing the position, not initiating the position.
If you're long 200 I would dump it. If long 5 you're looking at a cheap dinner and a movie. No way CAT touches 110 this week.
I hate to be Captain Obvious but the time to deal with this was a coupla weeks ago when CAT broke 110. Here are the 2 worst cases. You sell now (current bid 15 cts) and tomorrow, CAT rebounds (a long shot hope) and you might have gotten 50 -75 cts instead of 15 -OR- it expires worthless in 3 daysand you lose the 15 cts. Which would make you feel worse?? Pick one and execute the other