The issue is no longer about whether it's in-the-money or out-of-the-money, but about how long this cycle will last. Will things get better by July? They probably will, but who can say for sure. Anyway, we discussed it in the comments section yesterday, saying that these past couple of days have been really tough, whether it's due to institutional portfolio rebalancing or whatever. They also said that if the storage sector can lead the broader market up, then the market might rise. But if it falls, it could drag the entire market down with it. Today, as soon as this thing dropped, there was nothing left to absorb the damage, and the broader market followed suit. This isn't a matter of one or two months anymore; it's that the basic options within the next six months have all been wiped out.

Also, as I mentioned yesterday, I don't know if you all still remember. Don't think the 'last dance' will be successful. Looking at today's market, who was the last one to buy in and can still cash out today? The 'last dance' is just the final act of giving away money for free. There aren't that many get-rich-quick opportunities in a single day.