Philip,You sold naked $25 puts on MO and wrote, "In my MO case the stock price went up to around $32+ in fairly short order and the value of the stock options to the purchaser of my contracts went down by over 80%. So what to do? Well I had already got a huge paper gain so what I did was close the position by buying the exact same contracts that I had sold."I can understand an eagerness to take your profit and run, but cases like these are usually instances were just a little patience will easily pay off, so why not wait a month or two? Eventually, your options would have just expired and you would have been able to keep all the premium, rather than giving back 20% of it -- and you would have saved the commission, too. Of course you know this (and maybe you wanted to free up buying power in your account). I've done the same thing, too (but only once) -- 90% of the time I just wait for the option to expire.Best,Jeff
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