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August 15th, 2007 at 12:25 pm
Greg,
I just found your post about SIRF etc…OptionSage is right, this is an IV crush. Been happening on all calls lately, as they are not in demand. As always, you need to look at your positions and see if they make sense, and where your stops are. Why are you still holding them? When would you sell them if they keep dropping? I had some SIRF calls as well, but they were more ST so I’ve been out for a couple days now. But I had my stops decided earlier: I sold 1/2 on the first pullback on the 15 min, and then I then I sold the rest when price went below 5MA. You should give it more time if you are playing longer-term, maybe use the 10 or 20MA instead, but you should always have a point where you exit.