Actually the shorts have probably been making out like bandits the last 2 or 3 weeks. Even quality companies release good news,good ER whatever, and the stock gets hammered by the shorts. It's the best game in town right now.
How do professionals work with this type of volatility? I mean for speculative activity aside from portfolio hedging. Straddles/strangles, flies/verts, back-ratios...? As a small part timer, I do better in lower volatility for selling premium with limited risk (flies/verticals). When it goes up, I adopt a stand-by (safety) approach, where I focus on longer term opportunities in stocks/etf.
Since I am always long and only trading pre report vols spikes, I will probably skip April season... Unless VIX goes under 18 very soon.