Earnings announcements, biotech news, and corporate events often create sharp price gaps and extreme option pricing distortions. In our latest write-up, we outline a practical framework for trading these event-driven situations using options — focusing on volatility, skew, and probability rather than headlines or speculation.
The post-Thanksgiving series of three seasonal trading periods has ended, and we are nearing the beginning of what is called the “January Defect,” when the market – and NASDAQ-100 ($NDX) stocks in particular, sell off. Following that, there is a strong seasonally bullish period at the end of January.
Recap of the Post-Thanksgiving Seasonals
The results were mixed for this year. On the day before Thanksgiving, November 26th 2025, these were the closing prices:
Many option traders have read about the disaster that befell traders involved in selling condors recommended by David Chau, the self-named “Captain Condor.” To quickly summarize what happened, here are the salient points:
Chau and his followers (mostly subscribers) would sell condors using 0DTE options – generally on $SPX, SPY or sometimes QQQ – whenever when realized volatility exceeded implied volatility two days in a row.
This week, $SPX traded at a new all-time high, just as it did last week. Then, it dropped -- in both cases. Normally, we'd like to see new highs confirmed by strongly positive action immediately following the day that new highs are made. That has not happened, despite mostly positive readings from our internal indicators.
This session dives deep into LEAPS — how they behave differently from short-term options, where they shine, and where traders often make costly mistakes.
LEAPS (Long-Term Equity Anticipation Securities) look like regular options — but they don’t act like them.
We’re extending our holiday special for a short time.
Due to a technical issue, the holiday coupon expired earlier than intended at the end of December. That has now been corrected, and we’ve extended the offer a few more days so anyone who attempted to subscribe can still take advantage of the discount.
For a limited time, you can save 50% on two of McMillan Analysis Corp.’s most popular daily services — both built around Lawrence G. McMillan’s proven market analysis and option strategies.
Option spreads are often introduced as “defined-risk” strategies — but that description barely scratches the surface. In practice, the success or failure of a spread depends on how it is structured, the volatility environment, and how the trade is managed over time.
Many traders are drawn to buying calls and puts because of the leverage options provide. Unfortunately, that same leverage is the reason so many option buyers struggle, even when their market outlook is correct.
Since its launch in June 2020, The Daily Put-Writer has maintained consistent subscription pricing. During that time, the service has expanded significantly — with daily trade identification, continuous position tracking, and ongoing investment in research, data, and technology.
Beginning January 1, 2026, subscription rates for The Daily Put-Writer will increase.
