Sossy was essentially short strangles across 80+ different tickers ... and by his own admission ... his short delta was good for the first 3% drop When the tide rolled out ... Sossy was found completely stark bollock naked ... except for his beret !
That's what I did. Started selling calls aggressively once the drop started. Certainly did not offset the loss from my existing longs and I wish I closed more positions earlier. But it helped.
Like most traders, they are losing money FASTER due to volatility. This morning most put holders on reddit got caught by the fed's money printing and futures being limit up. Very few people can hold, thus they will sell with a loss.