I’m winning the race to $0

I’m definitely leading in the race to $0 thanks to JCPenneys (JCP).  I have absolutely no desire to blog in detail about the horror of it, so I’m not going to. 

My overnight holdings should give you an idea of how my account value plunged today.  Here is what I am stuck with holding overnite:

JCP Jan08 $40.00 Calls JCPAH - 6 calls 
    bought at $3.32 avg price today
    closing price $2.75
    stock price when entered $42.50

JCP Jan08 $42.50 Calls JCPAR - 12 calls 
    bought at $1.95 today
    closing price $1.32
    stock price when entered $42.70

The stock closed at $41.65 today.  The $42.50 calls for $1.95 per contract looked like a deal to me because I saw loads of it being gobbled up for $3.00 a contract a couple of weeks ago.  Also what’s interesting is the open interest for the Jan08 $45.00 calls is pretty high at 22900.  Stochastics are at oversold so that’s good.  Also the Nasdaq has been down 4 days in a row now and I think it is due for a bounce. 

We’ll see what tomorrow brings.  If JCP plunges tomorrow and takes my account value down with it, I may just drop out of the race.