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September 20th, 2011 at 10:37 am
Phil/NFLX – What a difference a week makes! I’m holding a 2013 $250 Puts position, that I paid for by selling 2013 $250 calls. The position, which I knew was aggressive, has been a crazy roller coaster, but I stuck with it, and now it has a gigantic gain. My question is what would you do in this position? I think it can probably still go down further, but I don’t want to risk this huge win. I could obviously sell half, but is there something better to do? Like roll the puts way down, along with the calls, to pull a bunch of the gain of the table? My basis on the put side is $56 (now $126), and $55 on the call side (now $10). Thanks.