VXXB – S&P Short-Term Volatility (Last:31.78)

Let’s try to leverage a possible bounce from p2=28.86 by bidding 0.18 for four (or a multiple thereof) 22 March 32 calls, day order. If you’re new to this strategy, let me make clear that it’s a longshot bet. As such, you should wager no more than you can comfortably kiss good-bye. Our bid lies a penny above a 0.17 downside target in the options.  If the order fills, offer half of the position to close for 0.40, good till canceled.______ UPDATE (Mar 15, 10:39 a.m. EDT): Orders filled at 0.15, since the exchanges, at least in this instance, supposedly are trading only in nickel increments. You should lower to 0.35 the offer to close out half. Also, for good measure kiss your $60 good-bye. _______ UPDATE (Mar 18, 6:02 p.m.): We hold a longshot bet. Stand pat for now. _______ UPDATE (Mar 22, 12:27 a.m.): With the E-Mini S&Ps down as much as 52 points so far, volatility has exploded, pushing our calls from a low of 0.02 to as high as 0.50. Since this represents a tripling in their initial price, you should have taken profits on at least half of the position, leaving yourself with a few calls to swing for the fences.