OK, officially bullish on volatility for a time frame of 1 week as I bought some gamma in ERX, and a little more in SSO. Net-net I still collect decay however as I have some Iron Condor or straight put spread shorts on in a handful of spots,
Why? Again, just don't like the risk/reward of shorting options right this moment. May change my mind in an hour though.
Something that honestly did not go into my thinking is that the VIX hit 52 week lows yesterday. I had high-teens in my mind, but alas that was over a year ago now as it was in the August 2008 pre-holiday malaise. The reason why it hit lows is that it SHOULD hit lows when stocks are this placid. And there's no such thing as "support" when you're buying an actual option. You can catch the low in volatility but get slammed in time decay if the stock sits,
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