Defense pops on Iran risk-off make sense—tailwinds from headlines often gap ITMTA or XAR. VIX spikes pull bids fast though, so check order flow vs historical reactions before puts turn calls.
Filter first: Sector rotation strength (volume on defensives?) and 1% risk cap—avoids overpaying IV crush post-news. No rally defies broader meltups forever.
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Defense pops on Iran risk-off make sense—tailwinds from headlines often gap ITMTA or XAR. VIX spikes pull bids fast though, so check order flow vs historical reactions before puts turn calls.
Filter first: Sector rotation strength (volume on defensives?) and 1% risk cap—avoids overpaying IV crush post-news. No rally defies broader meltups forever.