yes this is a huge trap because those options can be put to these people and will leave them holding the bag . This is usually the story at market turning point, banks use option condors as a way to push market out of the norm and then it just drops quick, you will see large spikes in the VIX as well. I am only buying bear shares. Take a look at SRTY vs URTY they are very close to rolling as well. Keep an eye on the dollar when switching in and out.