IF you are short the Dec 500 and 505 calls and they have lost 2/3s of their value, do you buy them back on this weakness or stay short?

Contrary to the other reply, in your situation, I'd be tempted to close now and wait for some short-term strength before opening a new short call position. Holding a little longer is OK too if you think a sudden rise in the stock price is unlikely. I have no opinion on that currently.

I like to open a short call close to the money and you need to increase the strike price as the nominal fair value of the stock rises. Bear in mind that if USD has lost say 10% to 15% of purchasing power in 2025, the fair value of the stock in nominal USD may have risen more than many people realize (or not of course). I probably wouldn't open a new short call position now at less than 510.

I'm currently short Mar 505 calls which have lost 35% to 40% since I opened the position. Haven't lost enough to close yet.

StevnFool