Let’s say you go ahead and short a boatload of premium on the OEX because it is way up there now. And everything is going along just fine. Then out of the blue the United States launches an attack on Iraq. And Iraq in turn launches an attack on Israel. First news headline in the morning, 10 American fighter jets shot down. Guess what buddy. Game over. That could wipe out your account the first hour of trading. That's the point about selling premium. You never know when that will happen. And when it does, you have no way to hedge that short gamma. Because the vol is going to jump. Most traders that work on the floor who have any kind of lengthy career have done so by staying long as much gamma as they can afford. Every trader that has gotten escorted off the floor because he blew out his account was short gamma not long gamma. There is not a single guy on the floor that blew out of his account because he was long gamma.