My small position in JCP is set to take a beating this morning. The options expire today and though they are still in the money as I write, their value will open up at about .20. I am putting in a sell order for .80 for the off chance I get lucky and there is a short bounce that cashes me out. If that .80 doesn’t fill, I will simply close the position out into the close regardless of the value. The stock is falling on downgrades and comments from activist investor. If the position goes worthless, it will be a $4,000 loss. If a better fill comes along it may save a thousand or two but in the scheme of things is rather small.
Stock futures are once again flat. FCX will open slightly lower as gold is taking a beating. BAC looks to open slightly higher. I have no plans to move on either position today. I expect the trading action to be erratic due to options expiration and rarely to I like to make decision on trades on expiration.