I'll never forget, Black Monday, the market crash of October 19, 1987, The Dow fell about 25% in a single day. More noteworthy for me was that on Friday October 16th I sold all of my index puts, thinking that after a week of serious market decline that the market was so oversold at the end of the week that by Monday morning, "they" would have had a weekend to get "their" act together and bring the market back up Monday morning, averting a financial disaster. Instead, that week was just a prelude to the main event, the one I sat out because I was so smart. Instead, I had to practice law for another 8 years before I was able to save up enough to walk away from the nastiness. I was one day away from that life changing trade, but it wasn't to be. My point: As oversold as this market is today, or will be by the close, there should be more to come and, "the big one" could be just ahead. There is taking profits and there is closing out. The former is fine, the latter is flying in the face of my experience on Oct 16, 1987. Been there, done that...no thank you. The tables below have some nice gains and prudent trade management suggests some tinkering to take profits and roll into further out-of-the money strikes. The top three positions in both the PRO Service and Premium Service tables are all ripe for profit taking, rolling strikes, rolling expirations, or all of the above. I'll leave that to individual preferences, even if that is to do nothing, but remember my experience of October, 16-19, 1987...just in case history rhymes. PRO Options Premium Options Option ideas for rolling out existing strikes/expirations QQQ May 20th $300P (6.75-6.80) QQQ Jun 17th $285P (7.40-7.50) IWM Jun 17th $180 (7.30-7.40) UVXY May 20th $20C (2.45-2.55)
