Turn and Turn Again
Last week I noted that Implied Volatility (IV) in general had moved higher, after being at an extremely low level for months. The last year’s range for the IV of the S&P 500 Index was from about 11% to 25%. That gives a median around 18%. In the week of February 18 the S&P’s IV rose to 15%, much nearer that median. This development meant that we should begin to select different option strategies.
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