well, bh_prop, thank you, you just came in on the scene at the right moment, I must admit I was tempted by dagnyt's idea and was just about to sell the stock and 7 new put contracts. but the fact is, I wouldnt have known what I was doing and as I said, I was prepared to take the loss I was familiar with and didnt want to game it .....gambling is one of my habits and I'm trying to get out of it... so I exercised instead and as you said, bh_prop, my Buying Power (in all its modesty) came back instantly...thanks again
EVERY morning my net liquidating balce is significantly different from the value I see when the options stop trading for the day. IF YOU HAVE EXCESS LIQUIDITY THAT IS LESS THAN ZERO, THEN YOU SHOULD CALL IB AND ASK IF THEY WILL BUY YOU IN OR IF YOU HAVE UNTIL THE END OF THE DAY TO GET OUT OF THE POSITION. I'M AFRAID YOU WILL BE FORCED TO EXERCISE THIS TIME. I DON'T RECOMMEND selling the ETF shares and selling puts again. It's just that it gives you a VERY SMALL chance to profit, IF SPY heads all the way up to the strike. Not very likley, but possible. IF YOU DO sell both - BE ABSOLUTELY certaion you sell via a COMBO order. BE CERTAIN you collect MORE than 122 for the COMBO. AND enough more to make the trade worthwhile. Don't forget commissions and don't forget that you will still have to watch this position. It may be best to simply exercise - but don't do it before the end of the day, in case there's another big rally. Be sure you understand NOW how to exercise those puts, in case you decide to do so. NOTE: What I want is for you to UNDERSTAND that being assigned early has the chance to give you a nice bonus. This time that appears to be unlikely - but when this happens again, you should not fear receiving that assignment notice. Yes, I remember the earlier market order incident. best of luck. Mark