Buy back short IWM Aug 74 put.
It sickens me to do this one day before expiration, with premiums through the roof. However, IWM breaks the old low at 74 with some steam. This is more than a 100% loss vs. the premium. Remember, that I described this as a fat pitch down the middle when entering the trade. Seemingly safe trades can go terribly wrong, when the market makes big moves in a straight line for six days in a row.
I am all cash for now. Time to heal my nasty wounds and clear my head. Sometimes the best thing to do is take an extended break and then come back fresh.
Good luck to anyone still in the market. Mondo money is being made on the short side. Huge losses for longs. Hedgers are losing as volatility continues to expand.
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