What options play would you put on if...

...the S&P puked down to the low 1300s, VIX went to 35, and you thought that stocks have put in the lows for the year?

 

is this a trick question? ;-)
long calls

 

Sell puts or put verticals, buy OTM butterflies...basically, you wanna be long delta and short vega.

Long calls are not a very good play cause they are long vega.

 

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Exactly, it may be a bit tricky;
finding things better uptrending than SPY.

So when a high probabliity bounce like $130 or 120 on SPY,;may buy something.Main trends still down there.

With 50 & 200 dma down ,down on SPY,wouldnt be in a hurray to buy that;
even if its a bit oversold, Cuten.

 

The only trade in that scenario is the long risk-reversal; long otm calls, short otm puts.

 

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This coming week may well have a relief rally;
not likely a low for the year at all, since just barely halfway thru January.