Any idea why the puts tanked even though the market tanked as well??

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This is why I was saying selling put options was likely to pay off quickly. You’re at historic volatility levels and when that drops, premiums drop with it. Therefore, the drop in premiums due to lower volatility can outweigh the increase in premiums based on the direction of stock/ETF.

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Thank you very thorough explanation... once again licking my wounds and sitting under my table in the fetal position.

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There has never been a greater opportunity to sell volatility...remember you can employ strategies that make money up, down, sideways and everything in between!

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Thanks for sharing your insights!

Vol absolutes destroyed today - rare event w SP down and vol in at the same time. Normally an inverse relationship between the two. Fed support should dampen volatility (mostly in the other / Fixed income markets - which then helps stabilize equity vol), plus just record high levels for VIX futures - vixcentral.com has a good historic function to look at all VIX future term structure movements

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Thanks for sharing your insights!

Price sidewayed

A guess the silver lining is my puts are for 4-15. I haven’t lost them totally. Should I just wait it out or cut my loses?

We hit my target for a bottom today. Day’s doji on the daily chart indicates possible reversal higher as well.

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