I ditched my GE calls at the open today when the S&P 500 made a gap up and GE gapped open at \$11.10. These options were purchased at 0.49. So that's a loss of \$56.35 + \$15 for commission. However, I'm definitely out too early as GE is hanging around \$11.50 as I'm writing this.
The reason for this quick exit is because the long weekend starts tomorrow so the options premium is sure to drop. Since I cleared my puts for GE on Tuesday already, I'm out of my GE strangle entirely now.
In addition to a bad entry on my part, the time decay really ate up my premiums. I should review the details of this trade another time. I am off to a long weekend soon.
[caption id="attachment_1222" align="aligncenter" width="500" caption="General Electric"][/caption]