This is not true. A long put position would profit from a 10% drop in the underlying. Another example is a ratioed calendar where a black swan either direction would be extremely profitable. E.g. Long 2 ABC Jun 50 Calls, long 2 ABC Jun 50 Puts, short 1 ABC Apr 50 Call, and short 1 ABC Apr 50 Put.
Tim
--- In OptionClub@yahoogro
>
> A Blackswan will wipe out the profit of any strategy.
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