16 May 06: Puts sold on downdraft
Coming into this week, I was left with a few puts I bought on AAPL when the resistance area around 72 held some days back. The 10AM spike downward Tuesday morning gave me the opportunity to sell them:
Had I waited until the close, the late-day drop would have netted me significantly more money. However, with this being expiry week, and with the VIX situation I wrote about earlier, I felt that any stretching of the rubber band to the downside was a gift horse, and I wansn’t gonna look it in the mouth.