You Don't See This Everyday

The S&P opened today, plunged 15 points, and rebounded to about flat. The September 1300 calls, 60 points out of the money, expiring in 1 week, are up $1.

I could understand puts going through the roof. Lehman is screwed, Fannie and Freddie are done, people like this Swedish guy are calling for a depression. Not a recession, but a DEPRESSION. 1929 style. But calls?

I sold one September ES Mini 1300 call at $3.50. It is now bid at $3.60.