Whiplash underlyings and thunderous implied vol changes require constant hedging. Really squashes the tranquility of the fly since the juice tank hasn't been stable enough to absorb from and you're ultimately forced to pick sides during the flip or reconfigure your settings.
Oh, the irony. You originally collected the birds because you didn't want to pick sides in the first place. Bull party? Bear gang? Forget their acts of the land creatures - you were busy frolicking in the sky. Accepting neutrality was rewarding.
You only had to stay within the play land and let the wings protect you. Well, now the wings are indeed protecting you, but wait, it's not really a good thing because it means you've been relocated from your fun land. Oh, it means you also have to pay rent now, so move on.
New day, new play. Vanished are the global dead-vol market index months where you could lay comfortably and watch others chase and battle each other. Now you might actually have to join them because the storms can come by and flatten your domes or pyramids in a heartbeat and leave them in historic land.
So you're not dancing on a street anymore but playing frogger on a highway. Do you really still want to play this tight balancing act? Conditional market shifts are inevitable and the vol-boys have cranked up a few notches of intensity to challenge your flight. Perhaps best to put on something and take off immediatey to just capture short-term crushings, but you definitely don't want to stay around for the swings. Maybe everyone should just pay the high fare and ride the gamma-fueled rocket bus for the imminent periods because the juice isn't worth taking anymore.
why aren't you shorting some flies then? sounds like you could make a killing!