Friday Expiry--taking the day off for the most part

Glad I missed this session.   Decided to take the day off.   

I may roll some options forward, I still have a fistfull of puts, most of them nicely in the money, however the Theta (time value of the option) will start to erode rapidly.    So I will probably roll forward to August or even September....not because I plan on holding until September, but because I really hate the Theta burn, it is exactly like guaranteed losing money.   

When there is lots of time--on my hands-- selling options is the way to go (with spreads, never naked).   People refer to this as "generating income" which is completely FALSE.   Indeed, you might have new cash in your account balance, but you have a  corresponding entry for the liability.    You may generate income over time as the Theta burns works in your favor.  

There are so many great lies of the industry, letting your trick your mind into whatever you want to believe.   Like, by buying options, you limit your risk.  INDEED, you limit your risk to a quick 100% loss of your investment.  

Of course it is true that with selling naked options your risk is pretty much unlimited, however that doesn't change the line above.  

Monday after expiry is usually pretty exciting, if a move is going to happen it probably won't be Thurs or Friday of Expiry, it will be the following Monday when the market gets back to normal.