Protection

[Grieve]

I just bought two Sept $40 TNA call options for $520 (plus commission). Hoping to sell for $1000-1500ish if the market snaps back quickly. If it keeps falling, it's probably bye-bye $520.

I lost my nerve to hold this to Friday, decided to sell while the market was on an upswing. Around a 50% profit (bought at 2.60, sold at 4.10) - was hoping for more, but I can't complain.

Hoping to do the same (but with more money in) with some puts if the market keeps going up. What's your next sell point, Maul?