On BIDU, IV on the Feb 115's dropped from 112% to 76%. You are saying that IV drops more on the way down than on the way up even in these kind of situations? Because of fear? If that is the case, it might be good to create short horizontal spreads with a bias to the upside (maybe with ratio or different strikes) so that you benefit from it if stock goes up and if it goes down you profit from IV crush. What do you think?