Close or hold the trades?

Friday is expiration day for this month and I have two spread trades that are getting close tot he strike prices. SPY, which is now back to $2 down... I feel pretty good about that one now compared to where I was with it on the weekend.

The other is BBY. This one was placed as a put spread under the suggested support levels around $39... I am at $38 with my short puts and the price has been fairly deep into the $38 level today.

The question is do I close one or both of these trades now while I can break even or make a bit of money for my trouble or just let them ride and close only if they get closer?

Here is where the Theta comes into play. Today Theta is at 0.051, 5.1 cents per day loss. Every day that I wait and the price does not move too much against me puts the profits up by 5.1 cents.

SPY short 116 calls would cost me 15 cents to buy back and they made 25 cents initially. Long calls are worth 2 cents from my 8 cents purchase...not even worth looking at now except I have 19 contracts ($38 worth). Total profit to close now of about $50 net. Holding through expiry at SPY under $116 is close to $260.

BBY is in a similar state but with a much smaller position of 3 contracts. Either way if I close the trades the commissions will cost me profits whereas letting them expire costs me no extra...as long as they are OTM.

Then there is the issue of Friday and expiry day volatility. I have seen large runups and drawdowns at the day's end as everyone scrambles to take advantage of the EOD mayhem...specifically the black box trading driving the volume up.

My gut tells me to sit on these trades while my mind tells me to close them for breakeven.

I'm going with the gut and just keeping my broker's numbers handy in case I need to close quickly.

Jeff.