Yes, it's nice to be long both gamma and vega in a violent selloff and nice to be short both in a slow recovery. Just like it's better to be rich and healthy as opposed to sick and poor PS. I do have a bit of Dec 3000/3400 ratio CS from mid-March, so in a sense I do have that position on, but not gonna keep it much longer.
That's right,rub it in... When the market was melting down,I put on the May 280 340 1 x4 call spread for even money.. On the rally,I sold out for apx 2 bucks,leaving 10 bucks and counting on the table.. Definetly my biggest weakness.. Did you leave it on as a punt or scale out at all??
@taowave i took a clip off to make me feel warm and fuzzy. However, I kept most - my thinking was that even if we start dumping again, Vega is not gonna catch the same bid as in early March. Short positions in all the taily shit have been blown out and a lot of the vol demand was their unwinds. Without a forced covering, it’d unlikely people are gonna lift strikes close to ATH. FWIW, I feel like vol at the front end is starting to look attractive