Other than resilience, big magnitude moves are skewed down.
The strategy here: - Avoid paying premium on options to avoid theta erosion. - Be short lightly so you can sustain 2/3 % if resilience occurs.
Note: (1) EURUSD is probably reaching an intermediary support and is probably going to rebound from above 1.0600. If so, this is headwind for euorpean equities. (2) The QE programme strated yesterday in Europe. Rates are already very compressed in the core area although, if pushed to the extreme, they could be pushed to -20bp on all eligible bonds (as mentioned in the FT today). This would have seemed mad only one year ago.. now it is a possible scenario to be factored for money management.