Well, have never been that interested in SODA before, but this selloff on the quarter was unwarranted, or at least the extent of it. I'm not necessarily in it for the long haul, but an overdone selloff and ridiculously high IV get my attention. Collecting juicy premiums, and if it stays at this level or goes lower I will wind up long into the next ER. If it gets down to 50 or so I will write some more. Not sure if I will get the chance to write some more, but think it is very likely this recovers to where I am out of the money in December... So high single digit returns in less than 3 months, works for me.
Hopefully ppl start to realize that OI in the puts can be written, and not just bought. Just to help out:
Open interest being larger in the puts doesnt mean a thing. It can be someone looking to get LONG at that particular strike. Just because open interest is large you have no idea if it was bought or sold. Getting annoyed with lack of understanding on this topic.
I wrote december 55s, so if price recovers it is ~8% return in a couple of months, if not I am long a bit under 51. Looking at writing more on a further decline, but don't actually think I will get the chance unless the market softens up. Could also go a little longer dated... we'll see.