Update on BAC trade

Sold a put option on BAC the other day knowing hoping it was at the bottom. Well it wasn't. BAC dropped down over -10% today moving the put option I sold over 65%. If you are saying eeeyikes then you know that I'm down over -50% on this move. What am I hoping for? BAC will not go down to $4 but will go back up and remember that I have theta working on my side. Theta for options is one of the greeks that stand for time decay. When trying to profit from an option using theta, an out of the money option that is nearing expiration will have a declining theta. (which will negatively affect the price. good if you are short the option)

On to tomorrow for this play. I still have 18 days till expiration so there is still time for me to make/lose money on this trade. No trades were made today. Next potential option play. Shorting calls on RJF. Not a lot of liquidity here, so I'm going to need to be right.