I agree, I never felt more bearish.
Time to breath. This isn’t the end of the world, just a MMD on steroids, as they try to fill the January gap down to 146. I expect more of he same until they reach their goal. Put in your buy orders accordingly. For my part, it was a busy, scrambling, day. STC 5/19 +p150s at the MMD for about 2x. They were insurance and they paid off quite nicely, but probably not enough to offset my BPS-side losses. For this week’s options: closed BCS-side of the ICs, and rolled out/down the BPS, closed CCs and waited for the bounce to resell 5/5 -c160s and BCS-side of ICs. Still holding Jan2025 -c200s/-c210s, waiting to close when we hit $146.69. Still lots of cash waiting for the final drop.
Obviously worried about 4/28 ICs. Current positions:
-c160s for 5/12, 5/19
-p200s, -c200s and -c210s for January 2025
ICs: +p140/-p155/-c160/+c175 for 4/28
ICs: +p130/-p155/-c165/+c190for 5/12
Finally, there is a light at the end of the tunnel (and hopefully it’s not a train). It looks like some whales are betting this is a significant bottom. Look at this morning’s straight call buying, and some serious put spreads. Also, IV seems to be the lowest that it has been in months. Food for thought: