Yeah, but they expire in June and time value was going to become an issue. One up day of 1% would be enough to destroy their value. While I was at it, I took a smidge of the profits and picked up a few SSO calls expiring next week. A solid up day tomorrow or Monday and these will double or more in value. Fun and games.
Possible scenario - washout Friday, bad news over the weekend, gap down Monday, VIX spike to 30+, and the (trading) bottom is in? Alternative - huge bank runs spread around Europe, and next week crashes 20-30%! Haha.
I see. That was my reasoning to get out of the 5/18 SPY puts last week, then rolled into the 6/15. Saw the early decline this morning, sold half my 6/15s, and put on the aggressive 5/25 weeklies that just started trading today. I also have stock position in TZA. By the way, I was down for the year, but today officially put me in the black. My equity chart looks like a rollercoaster that is now in its upward phase.
LTCM ... Long Term Capital Morgan http://www.zerohedge.com/news/so-how-are-jpms-prop-counterparties-faring
http://www.ft.com/intl/cms/s/0/8ef035de-a043-11e1-88e6-00144feabdc0.html#axzz1v28NaH2c LTCM indeed. I'm lifting my odds of Dimon not surviving this from 50% to 60%.