Long Strangles Anyone?

How does everyone feel about long ITM strangles on the likes of SPY, IWM and QQQ? I know theta is the killer but the known risk and direction neutral open is very appealing. Thoughts please. Thx

 

IMO: Similar to accuracy of predicting large increase in VIX! Akin to predicting earthquakes more than 1 hour in advance. No reliable data.

 

"Time keeps on tickin' tickin' tickin' into the fu-ture......."

 

If you're looking for action , which sometimes I do when in a slow period, look at the weekly options.

Ferret a very liquid, ATM long straddle on a high beta stock (you need a severe gyration), late Thursday afternoon (3:55PM). And make sure you close Friday morning before 10:30AM or risk losing the whole thing to theta .

 

I have not done this, but have heard it recommended.
(I know. That is pretty vague.....)

 

If I do one this week (things have been really slow this month, so far) I'll post Thursday. I do have my eye on TECK (beta 3.6).

 

And if long strangles don't work then short strangles must be a sure thing. Everything works if you leg in. Perverts pay to see you naked.

 

I thought this thread had something to do with one's wife.

Was very disappointed.......

 

That's "straddle"...
I got 'em confused too, early on.
But there was this gal, see........ a redhead with green eyes.........

 

As you rack up years of marriage, the sentiment goes from "straddle" to "strangle"