That body is an 11/10. Oh yeah, IDGAF about Amazon. Actually, I do. That deal was worse than these stadium deals with all of the tax incentives. Fuck googly-eye Bezos.
It appears bullish on paper but it's the worst possible outcome. A negotiated payment without CCP backstop so the thing is going to be a zombie. SPX 3-5% lower by Nov 1.
As an option trades ITM all of its greeks (sans delta) decrease in sensitivity. The problem with the call diag is that it only earns on vol as we drop but loses (more) on delta. You can trade diags, but for LVLD-sake, go up/out.
sens -> sensitivity.