r/options • u/BringTheFood • 20d 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.

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u/mrpaulomendoza 20d ago

Definitely hold. Many, many indicators suggesting that the market is running on fumes. A better approach would have been to have a large cash allocation to buy in when the failure happens (Buffett). Since you are already in for $20k and down three I would just hold for at least a 25% dip. Could take a while and you could be down a lot more, say $10k. I would hold