I think I'm getting a lesson on the Greeks the hard way. A few weeks ago a purchased a Vertical Call Spread on SOLF (12.50/17.50 Jan 2009). It was trading around the 12.50 at the time, but I was bullish on its outlook. I purchased the Jan 09 spread to give myself enough time to be right. The spread cost me a little under 2.00. Little did I know that the stock was going to shoot up faster than I thought. Here I am in Aug and the stock is trading at over 19.00 but I can only get about 2.50 to close the trade (or 5.20 to close the short call). Unless I am lucky enough to be assigned early, I am going to have to wait until Jan 09 and hope the stock does not tank before then to maximize my return on the spread.
Is there anything I could have done (or can do now) to realize a reasonable profit earlier?