Originally Posted by
orvil
This is the power of options. You can make a trade on an assumption that turns out incorrect and still get out for basically a scratch.
In this case, he got out without a scratch but got very, very lucky, imo. The stock dropped like a rock right after the open. Had he waited an hour (or the stock opened down in the 13s where it was yesterday), he would be instantly down 3 grand or 70%. No stops would have saved him from an open in the 13s. The professional money usually wins.