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I sure hope everyone who was facing margin calls got out at open. Another brutal, soul-crushing day. Three more days until EOY and we can say good riddance to this beyond belief year. I’ve rolled my 12/30 125 straddles down to 120s and115s and bought another 50 shares (unfortunately in the $116-$114 range instead of waiting for the drop into the $112s). Where’s the bottom? We can’t go on at this rate much longer, certainly not past Jan 26th.
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I didn’t
I was skiing with the kids
I’m disgusted by the market
Straigh down, no bounce, rigged markets
Will never use leverage again
The extrinsic is getting low enough that it may be worth closing now vs having SP drop further and then closing is much worse (think of SP at 105 or lower tomorrow)Was called last week, sold some high cost basis TSLA and non-TSLA to satisfy margin. Slowly closing Jan 2025 DITM BPS that are so underwater, taking those with the least extrinsic time value. I have -300, -280, -260 short legged BPS and a Sep '24 -290 CSP that I don't believe I will be able to roll - not enough cash or collateral.
Although the -300p have $2.30, I am nervous if assigned and a possible run up, losing value on the +250p ... am I thinking this rationally?
I can write CC but call premiums are so low, not sure I want to risk 20% out and then get caught going the other direction.
EDIT: -260p ($2.30 extrinsic), not the -300p ($2.85) ... similar lousy position.
Hi everyone. I've been a reader of this thread for many years.
I made good money selling puts over the last few years but lost everything with this crash.
Now, I need some advice. I have sold 2 puts $300 and 2 puts $305 dated May 2023.
I got a message that I have been assigned! I don't have the cash required and have a margin of $200k.
What can I do now? This never happened to me.
It's hard to assess without the whole picture of your portfolio. Just on a mechanical basis,Hi everyone. I've been a reader of this thread for many years.
I made good money selling puts over the last few years but lost everything with this crash.
Now, I need some advice. I have sold 2 puts $300 and 2 puts $305 dated May 2023.
I got a message that I have been assigned! I don't have the cash required and have a margin of $200k.
What can I do now? This never happened to me.