I am pleased to see that the market is going down bit by bit, rather than seeing a massive crash. As an options trader it is much easier to deal with small movements than large ones as we can keep adjusting our positions. When an underlying (stock, ETF) moves too much then it we can quickly find ourselves in a challenging position and play defence for a long time.
So what's my trade for today?
I could not resist an earnings play on #DAL (#DeltaAirlines). The expected move is $4 and I went $7 to the put side and $9 to the call side. Hopefully we will se a volatility crash after the earnings, although given the overall market conditions, we have not seen the typical large volatility crashes lately.