Today I bought back the OCT 200 AAPL calls at $0.05/share making the trade a success. I still think AAPL is over-bought, but will not short again until there is confirmation of a downturn. In the meanwhile, it seems too strong.
As for GOOG, apparently people think its a good buy at these ranges and continue to pump up the price. Even though I think they too are over-bought at these levels, I closed out the trade at a loss. I bought the DEC 590 calls back for $5.60/share. I would love to see them disappoint tomorrow, but for now I had to reduce my exposure to make sure I don't get caught offside incase they top expectations and the market gets itself into a buying frenzy.
Why not let aapl call options to expire in 2 days?
ReplyDeleteI actually had the buy-back order sitting there at a limit of $0.05/share. It was taken before I could cancel it.
ReplyDeleteIt's always good practice to buy-back worthless options to reduce overall portfolio exposure... But in this case, you're right! ...it's not really worth paying $0.05/share + transaction costs for a 2 day exposure.