no ones kissin any ass. What if went down further and the CB would have been hit. ridiculous. if ur a long term player, then fine. short term, no way.
tough loss jason, 130pt a pop. Are you close to margin call or still have cash to cushion the account? Usually buying puts is the best play as it add a floor to your loss and still offer you the potential of unlimited upside. But with vix at 50(!!!!!) it's a loser's game. The best advice i can give is to turn this into a covered call, you can choose the strike based on your risk(or rather loss) tolerance (atm/itm strike vs otm strike). With 2 weeks till expiration you will then have both high IV and theta decay working in your favor. But covered calls will limit your recovery if the market gaps up and your loss is still unlimited if the market continues to gap down. No free lunch, sorry. best of luck to you.
1560-1010 = 550 / 2 =275 275+1010 = 1285 eventually desensitization of the news on market occurs. 50% retrace..
if you take 10/02 lows and you take 11/07 highs on a monthly spy,do the fibs,102 was a 78% retrace,it held and fell out of bed,they may say in a couple of days that a lot of people or funds or some large green monster was over margin and liquidated,or there was a very large stop under 102 that got hit,the mm's stood back due to the size,let it fall,bought ,and the market recovered,see if 102.83 in spy holds tommorrow,still have gap to fill up to 1100 on spu's