Selling 713's on up last night in the AH session for a yesterdays LOD test today was a much better plan!
It called trading. I've seen lots of traders hold positions through huge retracements. Its stupid. Even if you're net bearish why would I let a short move 10 or 15 points against me when its so cheap to trade in and out.
I think the key here is you're talking about calls, not trades. if these were trades you wouldn't be bothering with all this nonsense.
My head trader was on CNBC October 2007 and said we were going to crash...we had huge returns in 2008...Recorded On VIDEO too...not just on a message board.