Wells Fargo and Company (WFC)

[Porgie Tirebiter]

Looks like another set of $44 puts going out worthless this afternoon. They were trading at 42¢ as recently as yesterday morning. The ITM $45 put was trading at 55¢ at yesterday's open with share price at $45 and are, as of this writing, getting bid 20¢ (lost more than half their value) even though share price is 20¢ lower than it was then. Good demonstration of volatility crush. Yesterday average I.V. in WFC front week was around 35% and now (post earnings) is just under 20% for next week's set.

It's like standing at the end of a sewer pipe netting money while the buyers of that excessively high I.V. flush it down the toilet...