SPX is cash exercised (and it cannot be exercised early since it is a European style option) so don't pay any big premium to buy it back unless you think the market is going lower. The last day you can trade March SPX would be Thursday, March 18. Depending on how the numbers work out, you might consider using the short 1150 as a building block for some other position -- like a butterfly or a vertical or a diagonal.
Mary Ann
From: paul7313 <paul7313@yahoo.
To: OptionClub@yahoogro
Sent: Tue, February 9, 2010 4:30:48 PM
Subject: [TheOptionClub.
some time back, I sold a put spx 1150 strike march. the market fell to now and I want to buy it back so it doesn't get exercised. any advice will be greatly appreciated.
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