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New Mexico | are worth more if the market drops ( That is how this works ).
When your puts are way in the money at expiration, you cash em. That simple.
Or regarding your time value scenario, you can cash em before that too, if they go to the moon so to speak
( buy some extra calls then, and hopefully catch the next wave up LOL ).
IlllinoisSteve has it right.
No sense in complicating that.
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Looking at 2011 prices
