Yes the 33 area is an area where back in early 2009 acted as support and acted as resistance in early 2000 and 1991. I don't know what the best strategy here is to use. Definitely not long. And if short maybe Put option bear spreads. Buy Oct 40P and Sell Oct 37P.
andberg
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I'm not a specialist to guide anyone for options, but I apply some rules for myself:
Buy or sell when there is a big move with high volatility, tomorrow is always too late.
Should invest only money you are ready to loose (completely)
Must be convince that you will predict exactly the timing and the direction of the price (rebounds are the best)
Buy options wich are having high volume within the same sector and relative low price (less than 1$) sometimes just out of the money will give very high yield (more than 100% or even higher)
Remember that options are having expiration date, if we are in the wrong way or wait too long, we will loose everything becoming unable to sell that contract
My actual strategy is we are in a down market, puts are very expensive, wait the near bottom or a big dip to buy some calls.
Act quickly. Within days.
Good luck
will follow you to see your moves on options because there is a lot of money to do with them