SFO has a good article on one of my favorite options strategies. The best thing about it, is the fact that with credit spreads, time is on your side.
But the downside is that right now in the equities options markets, implied vols are low. People have already been selling those at-the-moneys for all they're worth, and you may just be the last in line. Your wages (pay per hour) would be very low at this point, so why bother?
Then again, if the skew was in your favor, you could probably find a good backspread or two and just wait it out. Sometimes even negative surprises can be a good thing.
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