By: Forbes Real Time
January 23, 2013 at 13:54 PM EST
Pinning The $500 Tail On The Apple
Last Friday, on expiration day, we had one of the greatest nightmares for options buyers come to fruition. Whether you were long Calls or Puts, it was as traumatic as a fight scene from a Quentin Tarantino movie. The situation I am referring to is known in the options world as being “pinned”, and it did not mean that you were on your way to a 300 perfect score à la the late, great bowler Earl Anthony. In fact, this pin is more like rolling a gutter ball, as it refers to a situation in which a stock closes at a strike price on expiration day. The good part is that it represents a teachable moment for buyers and sellers of options.
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