I bought a bunch of long dated index puts last December (Jan 27 puts) Q's, Spoo's and Russell. After the first leg down, I de-risked by rolling the puts down and recapturing part of the cost-basis as a credit. The next leg down was good (not as good as if I hadn't de-risked). I thought at 35 VIX I'd sell out of the money puts and the 20 delta - May 25. Then I was reminded how much spikes in IV can affect short options of any kind. All my puts are profitable, but as the Vix spiked up to 45, I find myself having to roll out hopting the "hopium bear market rally happens soon" so I can take the short side off. Lesson here: credit spreads are a lot easier way to play a bearish fall, and I'm re-minded of lessons learned in 2007-08
I bought a bunch of long dated index puts last December (Jan 27 puts) Q's, Spoo's and Russell. After the first leg down, I de-risked by rolling the puts down and recapturing part of the cost-basis as a credit. The next leg down was good (not as good as if I hadn't de-risked). I thought at 35 VIX I'd sell out of the money puts and the 20 delta - May 25. Then I was reminded how much spikes in IV can affect short options of any kind. All my puts are profitable, but as the Vix spiked up to 45, I find myself having to roll out hopting the "hopium bear market rally happens soon" so I can take the short side off. Lesson here: credit spreads are a lot easier way to play a bearish fall, and I'm re-minded of lessons learned in 2007-08
Yessir!
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