Just a general word to all for these type of questions. Without knowing your credit price and current b/a of the position it is harder to give useful advice since whether you have a profit or not or how far off your credit is from the current b/a mid-point could affect my suggestions. I could give you general advice about the stike but the other info will help me give more useful advice I think. I think 1285 is safe as of today but that could change with a day or two of up moves and a SET pending...
OOPS! It has been a stressful day here at work, got my days messed up. Sorry for the confusion. Dec options stop trading at 4:15 on Thursday, not today. Back to the grindstone. ryan
Ryan, I got this from CBOE. Where did you get Wednesday as last trading day? Last Trading Day: Trading in SPX options will ordinarily cease on the business day (usually a Thursday) preceding the day on which the exercise-settlement value is calculated. Settlement of Option Exercise: The exercise-settlement value, SET, is calculated using the opening (first) reported sales price in the primary market of each component stock on the last business day (usually a Friday) before the expiration date. If a stock in the index does not open on the day on which the exercise & settlement value is determined, the last reported sales price in the primary market will be used in calculating the exercise-settlement value. The exercise-settlement amount is equal to the difference between the exercise- settlement value, SET, and the exercise price of the option, multiplied by $100. Exercise will result in delivery of cash on the business day following expiration.
I mistyped. That's what I get for stressing out, talking on the phone and typing post all at the same time. Again, sorry for the confusion. ryan
Those of you in 1280s and 1285s I wuld start devising an exit strategy now since today's price action as of now (SPX @ 1272) is quite bullish. See below chart...
I am in trouble now. I shouldn't have taken a shower. The spx has moved up quite a bit. My credit was .40 and the bid ask right now is 1.35 x 1.70. OUCH!!!!!!!!!!!!!!