VIX and options again

Get ready for a good close today. The VIX is spiking and receding off its highs as the market looks for direction. Within the next few days will be a good time to buy, especially for seekers of long term capital gains. I have jumped back into options again, and am mostly day trading as I fear keeping positions overnight.

I'm trading on margin with a few options in hand. As of close yesterday I had the following options.

40 CY OCT 28 CALL...I'll probably minimize my exposure to this although I think the spinning off of the SPWR shares will be a catalyst going forward. I'm overexposed and actually bought 20 more when they were at .50. Breakeven for me is .80, and may completely wipe this position by days end.

5 HPQ JAN 50 CALL... These exploded yesterday with the announcement of job cuts. HPQ was cutting jobs due to the EDS merger. I could have sold yesterday for a double but missed my opportunity. These are still currently trading higher than the 1.50 I bought them for.

As of 1200, I went onto margin with the following trades....

10 BP OCT 55 calls... I bought these before the market tanked today, looking to capitalize on what I thought a flight to safety...oil. Oil and Gas ops have to settle down sometime as the decline from oil is reaching steady support. I bought these fairly high at .95 and they are trading slightly down.

10 WB JAN 20 calls... I've had my eyes on these for awhile, and when I saw WB under $9 a share I bought these for .75. Currently these are fetching .90, but I can't sell today due to the day trader rules. I have to wait until tomorrow to close this position.


My ROTH IRA is reeling right now. I have $600 of contributing left to do, and may do that. I bought GE yesterday at 24.30, and it's still declining. GE pays out it's .32 divy tomorrow and I have 50 shares. Reinvesting should get me half a share or so....but I'm still overly exposed in commodities. However, most of my holdings, nay EMC are paying a divy (I hold VZ, JPM, FCXPRM, AA, DE, AUY and GE as well).