Recently, I've been thinking again about who is really being "exploited" by "time"—the option buyers or sellers. Frankly, time value is just daily settlement of emotions. Buyers are like paying rent; even if the market doesn't move, they still get charged. Sellers are like collecting rent, but when a storm causes leaks, they have to bear the damage themselves. Usually, it looks stable, but in reality, they are accumulating tail risk.

Lately, the expectations for rate cuts have been fluctuating back and forth. The US dollar index often rises and falls together with risk assets, which is quite confusing... When volatility shrinks, the most uncomfortable are often the buyers—they clearly have the right direction but just can't endure the costs. Sellers tend to expand during times that seem "calm."

Right now, I feel more like doing a backup: slowly taking the main position, treating options as redundancy, just in case things go to extremes and there's a buffer. Anyway, no matter how crazy the market gets, I still need to sleep. That's how I’m doing it for now.