### Comment:
I don't think you understand...IV is at its highest before earnings and drops significantly after earnings, which reduces the value of all puts and calls 
  
 earnings is the most extreme example of: 
  
 1) stock moves against you and get screwed 
  
 2) stock moves sideways and you get screwed 
  
 3) stock goes in your direction but not enough and you get screwed

### REPLY:
I understand IV, what I’m saying is that the IV is relatively low at .25 compared to +.5

### END.