> I have myself just bought a purely speculative intraday position
> in .APVKT.  If it does not get over 200, then it's a few dollars
> lost.  If there is a rally to 200.45-ish or over, then there's money
> to be made.

> The above statement reflects pricing at time of transaction.  Pricing
> will change with market movements.  Such movements will be amplified
> by effects of time value decay in options near to expiration and/or
> other factors.  The above is intended solely as a statement of my own
> investment strategy and/or trading tactics.  It is not intended, not
> should it be construed as, a recommendation to buy or sell any
> particular security.

> On Nov 20, 12:08 pm, Per Ardua <perardua...@googlemail.com> wrote:

> > Update 1pm.  Just gone over 200.  Shows sign of some support at this
> > level: dipped back into the 199.95s, but recovering to 200 again.
> > The next 60 minutes are crucial.- Hide quoted text -

> - Show quoted text -

> On Nov 20, 12:08 pm, Per Ardua <perardua...@googlemail.com> wrote:

> > Update 1pm.  Just gone over 200.  Shows sign of some support at this
> > level: dipped back into the 199.95s, but recovering to 200 again.
> > The next 60 minutes are crucial.

> On Nov 20, 12:10 pm, krispykarim <krispeyka...@gmail.com> wrote:

> > What exactly is open interest on options? I havent been able to find a
> > useful definition yet

> > On Nov 20, 12:08 pm, Per Ardua <perardua...@googlemail.com> wrote:

> > > Update 1pm.  Just gone over 200.  Shows sign of some support at this
> > > level: dipped back into the 199.95s, but recovering to 200 again.
> > > The next 60 minutes are crucial.

> Yes, you're right, these have to be liquidated or exercised by the end
> of today.

> I bought the position when AAPL was Out of the Money earlier today.  I
> paid $0.37 per option inclusive of purchase trading costs.

> And yes, you're right, time decay is eating the value with every
> passing minute.

> But we're now (just) in to the territory over $200, where the options
> have INTRINSIC value.  They don't have enough right now to cover the
> $0.37, the AAPL share price will need to attain $200.45 to do that.

> However, and here's my punt for the day.  Joe So Lo (above) may be
> right when he figures that Funds may be buying in to take advantage of
> the pull-back that's happened over the last few sessions.

> If that happens in any strength, and AAPL goes into, say, the 202 -
> 204 range (+1% to 2% from current price), then TIME value is not the
> issue.  The options would then have pure INTRINSIC value (of just
> under $2 to $4 per option, after taking account of sale trading
> costs).

> The opportunity to turn 37¢ into (say) $2 to $4 in the space of a few
> hours is what appeals here.  Multiply that (x100 per contract) and
> then multiply that (x Number of Contracts) the deal has merit as a
> pure-play short term risk bet.

> Clearly the deal was more attractive given how close the AAPL price
> was to $200 as a starting position.

> Obviously, this is, to reiterate, A PURE RISK TRADE; nothing to do
> with strategic investing at all.  If AAPL finishes under $200, the
> whole thing goes west.   If AAPL finishes between 200.01 and 200.45, I
> make a small day trading loss.  If AAPL finishes anywhere North of
> 201, I'm happy.

> RISK WARNING:  This is the kind of deal I would only contemplate with
> cash I am prepared to loose 100%.  As it happens, I made the cash for
> this deal this morning, buying back at a lower price call options I
> had previously sold, so I'm relaxed about it in this case.

> DISCLAIMER :The above statement reflects pricing at time of transaction
> (s).  Pricing will change with market movements.  Such movements will
> be amplified by effects of time value decay in options near to
> expiration and/or other factors.  The above is intended solely as a
> statement of my own investment strategy and/or trading tactics.  It is
> not intended, nor should it be construed as, investment or trading
> advice or as a recommendation to buy or sell any particular
> security.   DYOR

> Yes, you're right, these have to be liquidated or exercised by the end
> of today.

> I bought the position when AAPL was Out of the Money earlier today.  I
> paid $0.37 per option inclusive of purchase trading costs.

> And yes, you're right, time decay is eating the value with every
> passing minute.

> But we're now (just) in to the territory over $200, where the options
> have INTRINSIC value.  They don't have enough right now to cover the
> $0.37, the AAPL share price will need to attain $200.45 to do that.

> However, and here's my punt for the day.  Joe So Lo (above) may be
> right when he figures that Funds may be buying in to take advantage of
> the pull-back that's happened over the last few sessions.

> If that happens in any strength, and AAPL goes into, say, the 202 -
> 204 range (+1% to 2% from current price), then TIME value is not the
> issue.  The options would then have pure INTRINSIC value (of just
> under $2 to $4 per option, after taking account of sale trading
> costs).

> The opportunity to turn 37¢ into (say) $2 to $4 in the space of a few
> hours is what appeals here.  Multiply that (x100 per contract) and
> then multiply that (x Number of Contracts) the deal has merit as a
> pure-play short term risk bet.

> Clearly the deal was more attractive given how close the AAPL price
> was to $200 as a starting position.

> Obviously, this is, to reiterate, A PURE RISK TRADE; nothing to do
> with strategic investing at all.  If AAPL finishes under $200, the
> whole thing goes west.   If AAPL finishes between 200.01 and 200.45, I
> make a small day trading loss.  If AAPL finishes anywhere North of
> 201, I'm happy.

> RISK WARNING:  This is the kind of deal I would only contemplate with
> cash I am prepared to loose 100%.  As it happens, I made the cash for
> this deal this morning, buying back at a lower price call options I
> had previously sold, so I'm relaxed about it in this case.

> DISCLAIMER :The above statement reflects pricing at time of transaction
> (s).  Pricing will change with market movements.  Such movements will
> be amplified by effects of time value decay in options near to
> expiration and/or other factors.  The above is intended solely as a
> statement of my own investment strategy and/or trading tactics.  It is
> not intended, nor should it be construed as, investment or trading
> advice or as a recommendation to buy or sell any particular
> security.   DYOR

> On Nov 20, 7:59 pm, Per Ardua <perardua...@googlemail.com> wrote:

> > JPW,

> > Yes, you're right, these have to be liquidated or exercised by the end
> > of today.

> > I bought the position when AAPL was Out of the Money earlier today.  I
> > paid $0.37 per option inclusive of purchase trading costs.

> > And yes, you're right, time decay is eating the value with every
> > passing minute.

> > But we're now (just) in to the territory over $200, where the options
> > have INTRINSIC value.  They don't have enough right now to cover the
> > $0.37, the AAPL share price will need to attain $200.45 to do that.

> > However, and here's my punt for the day.  Joe So Lo (above) may be
> > right when he figures that Funds may be buying in to take advantage of
> > the pull-back that's happened over the last few sessions.

> > If that happens in any strength, and AAPL goes into, say, the 202 -
> > 204 range (+1% to 2% from current price), then TIME value is not the
> > issue.  The options would then have pure INTRINSIC value (of just
> > under $2 to $4 per option, after taking account of sale trading
> > costs).

> > The opportunity to turn 37¢ into (say) $2 to $4 in the space of a few
> > hours is what appeals here.  Multiply that (x100 per contract) and
> > then multiply that (x Number of Contracts) the deal has merit as a
> > pure-play short term risk bet.

> > Clearly the deal was more attractive given how close the AAPL price
> > was to $200 as a starting position.

> > Obviously, this is, to reiterate, A PURE RISK TRADE; nothing to do
> > with strategic investing at all.  If AAPL finishes under $200, the
> > whole thing goes west.   If AAPL finishes between 200.01 and 200.45, I
> > make a small day trading loss.  If AAPL finishes anywhere North of
> > 201, I'm happy.

> > RISK WARNING:  This is the kind of deal I would only contemplate with
> > cash I am prepared to loose 100%.  As it happens, I made the cash for
> > this deal this morning, buying back at a lower price call options I
> > had previously sold, so I'm relaxed about it in this case.

> > DISCLAIMER :The above statement reflects pricing at time of transaction
> > (s).  Pricing will change with market movements.  Such movements will
> > be amplified by effects of time value decay in options near to
> > expiration and/or other factors.  The above is intended solely as a
> > statement of my own investment strategy and/or trading tactics.  It is
> > not intended, nor should it be construed as, investment or trading
> > advice or as a recommendation to buy or sell any particular
> > security.   DYOR

> You're right, there is the vraiment fâcheuse tendency to finish +/- a
> few ¢ of strike price on OE.  Bien observé.

> And I tend to agree that it's probably just mechanics tending towards
> the sweet spot of Option Pain.  (Or should that be 'unsweet' spot).

> So, as I said above, this is PURELY a very short-term risk bet with
> cash I can afford to loose, given that there MIGHT be a late-market
> buy-in by Funds before close after the pull-back of the last few
> days.

> I concur with your view that a rally on OE day is unlikely.  This is
> purely a punt that an UNLIKELY event may occur.

> However, there is a move that can be made now there's SOME intrinsic
> value in the position.   And that's to set a trailing stop buffer
> which will liquidate the position if any growth in intrinsic value
> does not outweigh the (accelerating) decay of time value.