Delta hedging should also move in the direction favored by the option writers whose options are most 'in the money'. Since the call writers are most at risk, delta hedging doesn't make sense as an explanation of this week's movements.
If I'm going to be 'on the hook' to deliver stock, does it make more sense to load up on stock, thus overpaying relative to what I think it's worth AND losing the premium I sold or does it make more sense to short the underlying? At least then I may only end up losing my premium and not the premium and the additional money it takes to buy the underlying.
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