SMCI price action today is a reminder on the pennies/steamroller thing.

SMCI falls of cliff an hour ago

Imagine you wrote a 370/360 and 520/530 Iron Condor for 9/27 expiration. Low delta when put on, good number of contracts so threw off a god amount of premium. Stock trends sideways – all is well, right?

Oof, then news drops that they are facing an inquiry and the stock does this;

So the good news is the call spread is going to work out and provides adjustment possibilities, but the put spread is a bit nasty as of the moment.

Just a friendly reminder for our newer traders that a low delta doesn't mean things won't happen.