### Comment:
You don’t exercise them, you just sell the options.  If they go up in premium at all (which they will off of intrinsic value alone).  He’s gonna make a killing by selling them off to the next guy who might actually want to hold to exercise.

### REPLY:
They expire Friday. He's going to going to get killed tomorrow on IV which will drop. 
  
 We can come back here and check tomorrow if you like but my guess is he breaks even on the $207.5s and loses everything on the rest. 
  
 Assuming we open at $210. If we open higher then obviously all bets are off.

### END.