I bought one ICE Nov 175 Call contract @ $1.60 today. It's down to $1.05 but I'm hoping to sell at $3.20 within the next 2 days, my order to sell is already in.
UPDATE Today was a good day considering the overall market. ICE sure was jumping around, todays range $168.55 - $173.70 and closed at $172.50. Position still open, 1 day left. November 17, 2007 - ICE and S&P 500
Are you nuts? It expires in 2 day. <a href="http://icanhascheezburger.com/2007/11/15/for-just-14-cents-a-day-u-can-stop-dis/"><img src="http://icanhascheezburger.wordpress.com/files/2007/11/funny-pictures-15-cents-stop.jpg" alt="funny pictures" /></a><br />moar <a href="http://icanhascheezburger.com">funny pictures</a>
......the premium is melting away like an ICE cube. Expiration fridays tend to be choppy. Maybe you'll get lucky. We'll see.
UPDATE This trade was so close. The GOOG thread about OTM options moving a nickel into ITM on last day of trading and being exercised is what convinced me to close early, if I didn't read that thread I would have let this position go and then have to deal with a possible exercise. Another factor in closing early is that the trade was in the red most of the time it was open. ICE closes at $175.04 GREEN dot was entry. RED dot was exit. Loss = $142.00 ICE 5 day chart
I am borrowing and bastardizing this quote a bit but the point is still the same: Ignorance is not doing some thing stupid with disregard to all good advice and common knowledge, it is doing it again and again and expecting a different result. Reminds me of a person who is banging themselves in the head with a hammer and each time wonders why his head hurts. Stop the insanity. Do you realize that if the next OTM lottery ticket comes through you are still in a big hole you have dug for yourself..
Quite frankly your exit doesn't make sense either. Assuming you didn't risk your entire bankroll, why try to salvage a couple dimes on a long shot bet? If your taking a low prob bet in a volatile stock, might as well let the play go all out.