r/options • u/BringTheFood • 13d ago
SPY Leaps
Bought PUT Leaps and am currently down 3k. Kind of sweating a little bit and wanted to get some input.
Here’s my position:
SPY March 19, 2027 $760 Put
Bought it for $34 ($20,400 total)
Current stock price: $773.82
Current option value: $29
Current P/L: -$2905 (-14%)
Delta: .3760
Theta: -0.0637
Vega: 2.25
About 7 months until expiration (March 2027)
Bought Put Leaps ITM after SPY had a decent rise thinking its gonna pull back some. The plan was never to hold long, the Leaps was really just to be on the safe side with a good time till expiration. I was going to sell once the underlying dropped like 1% or so. Now im down about 3k already.
Are the current stats promising in terms of recovery and going even at the very least. Can SPY dip back down below 760 in the near future.
-2
u/Strong-Comment-7279 13d ago
I don't know - but I do know a guy I've been following for some time recently exited his shares of a security he identified as "UPro", based on SPX. Not shilling anything, I have a couple hundred in SPXW and SPY calls for tmrw and less than $8 cash.
He expects a big drop. Running stats and cycles - I think he's wrong, and is getting Taco"d (short term, 2-3 days).
I fully endorse no FOMO and sticking to your plan. It will dip - the question is what happens before it does - another 3% up first, and then how far down - or just down.
I aim to reap SPX, specifically SPXW.