Well, if I am understanding everything correctly, from the information you posted: 1) In the account, you are long 100 shares of Thompson Creek Metals. 2) In the account, you own 1 October 11 put which gives you the right to sell 100 shares of Thompson Creek Metals at 11. 3) Thompson Creek Metals, symbol "TC" is currently trading around 13.26. Your action: Do nothing (However, it's best to call the broker to learn more about this and learn why someone has the "power" to do transactions in your mother's account.) If TC is above the strike, your option will expire worthless. If TC is below the strike, there is a good chance the put will be exercised and you will sell the 100 shares at 11. I hope this makes sense. AZD
Makes perfect sense. She bought 100 shares at around 5 dollars so I guess that person gave her protection at 11. How do I trade for 3 years and not know this stuff 30 minutes... I only have so many daytime minutes! And then I realized that if I did get through they probably wouldn't talk to me since I'm not the account holder.
It is the Options Fairy. Once in a blue moon she will go and decide to buy protection for someones long position
Hopefully the Options Fairy is alive and well and has moved on to saving other people's accounts from themselves
lol. That would be cool. Put a tooth under your pillow and you get protection for some of your long positions.