The DIA is probally the best option "expiration week play" but the risk is very high - as you know. It will be interesting to see if you can pull it off again next month. Remember a 100% loss has to be made up with a 200% win.
I woun't play the DIA next month just because it's expiration week. It just looked to be way oversold this time. Now the question is: do I take the rest of the profit now (it's almost a 5 bagger), or do I let greed take over and watch it slip through my fingers?
Just jumped into GOOG Jul 350p (1.05)/ Jul 340p (.65) spread. Got a Credit from the 350p of $1050, and the 340p cost me $650. This should be about a quick $350 after commission if GOOG stays above 350 by close on Friday. Will watch the activity on this on Thursday afternoon to see if I want to buy it back before the EOD. (Earnings Release on Friday AM).
I watch my spread trades rather closely. If there is any movement within 10-15 points of my short side I am ready to buy it back. 360 is a major support for the past couple months. If it breaks that on Thursday I will exit. My breakeven point on this trade is 350...that is 49 point movement in 2 days...more than likely I will be out of it by EOD thursday.
Just sold the rest @ $1.50. I'll have a look at the puts. Edit: Put in an order to buy 109 puts @ .15. If I miss it then oh well.
Nice trade, I have kicked around the idea of trading dia or spy options on OE week but instead have just traded ES.
Still waiting for DIA 109 puts to get filled @ 0.15. Edit: Got 'em. (Now Dow will have another 200 point up day.)