Today's epic liquidation was quite interesting. One was the owner of an options club with whom I'd worked for a long time. The other was a young man who'd been at Planet for about 2-3 years and was a close friend. Different perspectives determine different lives. The market plummeted, and a sharp drop struck: The big-picture boss strategized, placing calls and puts, betting on the market trend; The young man, closely monitoring short-term spreads and chasing high IV, was busy selling puts and asking where to go for arbitrage. These are all true stories from today. Have you learned enough?