I note that the last trade in the SPX 1360 options today was a straddle 150 times for a total investment of $100k plus. I think someone else anticipates a similar move down tomorrow. Interestingly, both of us have the same relative risk on our position (per trade cost for both positions is roughly $7), but I've got a higher delta and he's got a higher theta, and my position has significant intrinsic value (all of which benefit my position if price stays the same or moves down from here). He's only in a better position if there's a huge gap up tomorrow...something that I don't consider is likely after several uptrending days. If anything, I think there's a possibility for a bit of a gap down tomorrow (trapping and panicking the late bulls that pushed price above resistance in the last hour of trade).
