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Tuesday, October 7, 2008

Oct 8 Options Writing Trades Update

The Nikkei average plunged 9.4 percent on Wednesday, its biggest one-day drop since the 1987 stock market crash, as fear spread of a global recession. Panic & mayhem is all I can say. By the way, I got out of the Oct 10000 puts on Monday at 125 pts...where it was last done at 980pts. Being bearish bias, I sold the Jan 14000 call options for 15 pts today. I won't be touching the puts for a while as the market is simply too wild for a strangle play...if any will be a credit spread play.

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