The volatility index or the fear gauge VIX jumped 3 times higher at the opening today to 65 before coming down a bit!
This is an extreme panic rarely seen in the market. Actually we have only seen VIX this high back in the beginning of the COVID period when VIX shot up as high as over 80! Of course, when volatility is this high, the market is always in the bloodbath. No Exception. So we saw SPX tanked down to nearly 5100 early today. But for those who know how to trade, this kind of high volatility is actually a good time to make serious fast money, especially when selling options. E.g. this morning when VIX was around 60, selling a SPX put 100 points below the market price could still get a ridiculously high premium like $10 or more (i.e. $1000 or more for one contract naked put). It is truly a salivating moment for savvy traders!
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