How Mike Butler Is Trading The Market Crash With a Super Bull

With the market cratering, the Nasdaq down 3.5%, Mike Butler puts on a live SPX Super Bull to play for a bounce. The structure: sell a put spread to finance a wider call spread for a credit, a high-probability positive-gamma reversal where risk starts well below the market. He isn't betting the call spread goes in the money, he just wants it to gain value on any rally. He also flags VIX backwardation: the curve is pricing turbulence, opening the door to more downside. 📊 tastylive: https://www.tastylive.com/ 📰 Get Tom's pre-market analysis every morning: https://www.tastylive.com/newsletters 📘 FREE Options Strategy Guide: https://tinyurl.com/bp9ms763 📱 Follow tastylive on X: https://x.com/tastyliveshow Chapters 00:00 The market's cratering, time for a Super Bull 00:39 Building the SPX Super Bull 01:14 Sell a put spread to finance a call spread 01:50 A positive-gamma reversal, not a directional bet 02:28 The curve analysis, 70% probability of profit 03:14 What a vol crush into a rally does 04:51 The VIX backwardation warning 05:47 Why backwardation opens the downside door 06:29 Sizing down and going defined-risk 07:54 Handling the Intel assignment risk #tastylive #tradeoftheday #mikebutler #spx #superbull #positivegamma #backwardation #vix #optionstrading #stockmarket tastylive is a real financial network, producing hours of live programming every day. Follow along as our experts navigate the markets, provide actionable trading insights, and teach you how to trade. With over 120 original segments, and over 25 personalities, we'll help you take your trading to the next level, whether you are new to trading or a seasoned veteran. tastylive content is created, produced, and provided solely by tastylive, Inc. ("tastylive") and is for informational and educational purposes only. It is not, nor is it intended to be, trading or investment advice or a recommendation that any security, futures contract, digital asset, other product, transaction, or investment strategy is suitable for any person. Trading securities, futures products, and digital assets involve risk and may result in a loss greater than the original amount invested. Investment information provided may not be appropriate for all investors and is provided without respect to individual investor financial sophistication, financial situation, investing time horizon or risk tolerance. Options, futures, and futures options are not suitable for all investors. Prior to trading securities, options, futures, or futures options, please read all applicable risk disclosures, including, but not limited to, the Characteristics and Risks of Standardized Options Disclosure and the Futures and Exchange Traded Options Risk Disclosure Statement found at https://tastytrade.com/disclosures/. Past performance is not indicative of future results. Performance is not presented net of all commissions, fees, and expenses. Multi-leg option strategies incur higher transaction costs than single leg trades as they involve multiple commission charges. Examples provided are for illustrative, informational, and educational purposes only and are not intended to be reflective of results you can expect to achieve. Supporting documentation for any claims, including claims made on behalf of options programs), comparisons, statistics, or other technical data, if applicable, will be supplied upon request. tastylive, through its content, financial programming or otherwise, does not provide investment or financial advice or make investment recommendations. tastylive is not a licensed financial adviser, registered investment adviser, or a registered broker-dealer.