I have a Google call with a srirke of $195 expiring 3/7. I bought it after earnings with the belief that the 7% drop was overdone given their P/E ratio, their free cash flow generation, and position as a huperscaler. Then the stock went down another 5%, some of which I attribute to the NFP report causing sector allocation changes.
I continue to believe that the market's reaction to Google was overly pessimistic and that the stock has the potential to rebound. However, I think my option is probably going to expire worthless.
I bought the option at $4.45 and now it's about $1.22. I meant to do a bull spread but hadn't been approved on Robinhood so that ended up not happening. I will need to get approved to do that.
Anyway, I'm thinking of two options: 1. Taking the loss, or 2. Take the loss and enter a bull spread at $190/$195 expiring 4/17. At present prices, this will cost me about $200 to enter, if I sell my option at current prices I'll basically add another $80 to my already-losing bet.