looking at selling Oct 320 straddle slightly postive delta here with a sizeable cushion on the downside. Looking for $4.70 per share earnings.
I like put sales here with the vol on the weekly, defined risk is always a good idea but I think it trades higher.
Why? Just your gut feeling? I too think we will see some pullback in November. But I not going to go short just because I think that's what the market should do. The market does not care what I think. I my opinion O'Neil was a blowhard, but he did say at least one thing of value: "never short a stock just because you think it is too high." I'm excellent at picking market tops and bottoms, but only after the fact!