I suggest buying a higher strike March put to stop the bleeding. SPX could go a lot lower by March expiration. Then sell OTM put (lower strikes) or call verticals (higher strikes) to recoup as much of your loss as possible. If in the future you choose an index that settles in shares rather than cash settled then you can take assignment and sell covered calls against your long shares. SPX is cash settled.....
--- In OptionClub@yahoogro
>
> 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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