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The crude (oil) missile just launched. Throwing the kitchen sink at it.

I kept last Thursday in mind. Similar backstory.

Unlike the plunge from Feb thru late March, this latest move lower has alot of shorts involved and these bear ripper spikes are not for the faint of heart. It's got ammo, but can't take your eyes off it for even a minute.

Thomas Dolby "She Blinded Me with Science"

Spooz Top would call this "stealing the move".

I doubt you could isolate it to ONE figure and why bother. It will be a combination of economic figures no one had ever imagined possible. Skipped the recession at several turns and then hit the wall. At least that's how I've been looking at it for awhile now.

And your deep OTM calls are still not in the green. Just screaming buy everyday isn't a strategy.

Some classic tracks in your neck of the woods.

It looks to me (tentatively) the see-saw of alternating closes. I had a mental note of that 3/24 large bar close, which was tested right at that 245pm (ct) flush.

My bad.

Thread title is OP's "mea culpa".

Ummm, one of those firms no longer around.

Speaking of leveraged ETF decay, the JNUG/DUST debacle should be an eye opener to the hazards of mega volatility and how badly those things blew up.

TZA correct? I just use the micro's in various quantities if I want to hold a Russell short.

IF, a big IF, it follows late 2018/early 2019 bottom, then expect the low around 2450, then another big ramp (perhaps to tag the downward sloping trendlines). It paused yesterday at the weekly 200day MA around 2640 area. All SPX cash prices.

Yes, the attached chart illustrated it pretty well. Assuming the OP would have to be in deep OTM, longer dated calls, it's an implosion thus far.

The redheaded stepchild (Russell futs) has been camped out limit down for hours now.

There is no evidence of any "bet". I can tell you with certainty that some long dated deep OTM calls have been a money loser (even if he timed the market bottom perfectly).

A perfect example of how and why the O.P.'s calls are worthless. The Nov 2020 350c would net you next to NOTHING even if you bought the lows a week ago. Of course, the O.P. never mentions strike, duration or anything else.

Doing that sort of thing with deep OTM options, especially when IV's start dropping is financial suicide.