This is the day to place your hedges. Example: Covered calls on premium pops. Selling $30 covered calls on JD out to Nov 16 on shares you'd be super happy to get $32 net.
Alternatively if up $5+ on stocks under $100 (such as SQ/+$30 on stocks over $100 such as NFLX,) then take $0.30/share or $1/share and buy whichever level Put that gets you out 1-2 weeks.
I do this on Fridays within 1st 30 minutes of the open when this strong. Puts open weak so I'll place low bids for early fills per plan while others wait trying to see where markets head.
And for Pete's sakes know your holdings earnings date and have a Put strategy in place. See OLED & AAPL as current exhibits. I say it every time but continue to see people upset when a stock they hold is getting hit. Make it a win by preparing. SUM is an upcoming example on 6th. Based on sector the others that reported have been bad. So a $15 covered call at Nov 16th on shares you'd part with gladly for $16 net AND a $12.50 Put for around 10 cents of your $3 gains.
I buy a little extra if possible on expected bad earnings so if it flashes close to $12.50 I can add shares risk free. It might also have dropped so far that it rallies on poor earnings.
Also sell all weekly like remaining GILD calls, AIG, etc. on this spike open.
Lastly, I close out 100% of my naked Puts.
Isn't it fun beating the market makers?