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I’ve been getting questions about why I’m not running bearish call-selling strategies right now — especially given all the market uncertainty and the defensive positioning I’ve been building with put spreads.
It’s a fair question. But there are three specific reasons why I’m avoiding call-selling strategies in this environment, and they all point to the same underlying reality: The upside risk is still very much alive.
The Premium Just Isn’t There on the Call Side
Let me start with the basics — the premium you can collect on puts is significantly better than what you can get on calls right now. That’s not an opinion, it’s just math.
When I’m structuring trades, I’m always looking for asymmetric risk-reward setups, and right now the puts offer far more attractive premium collection than anything I could do on the call side.
Beyond that, I learned this lesson the hard way last year. I got burned trying to call tops with bearish strategies when the market had other plans. And I’m not interested in repeating that mistake — especially when there are much better ways to position defensively without capping my upside.
The Market Could Repair Itself Fast
Here’s the thing that’s keeping me from selling calls — I genuinely believe there’s substantial upside risk still sitting out there. If we resolve this conflict with Iran, I think the market’s gonna love it, and what I’m watching closely is how aggressively the market has been repairing itself even during this correction.
That kind of resilience says a lot about underlying strength.
I’m not saying we’re heading straight back to all-time highs. But I do think the market could repair itself pretty quickly back to the 6,700 to 6,800 range on SPX. And if that happens, I don’t want to be stuck on the wrong side of that move just because I was trying to call a top.
This is why my strategy stays consistent — I’m defending against downside with put spreads positioned well below the market, but I’m not capping my upside with call selling.
The asymmetry matters. Premium is better on puts, the risk of upside surprises is real and I’ve already learned what happens when you get too cute trying to time tops.
The market has a way of humbling those who fight its momentum. I’d rather stay patient, collect superior premium where it actually exists and let the market show me what it wants to do next.
I’ll see you in the markets.
Chris Pulver
Chris Pulver TradingÂ
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*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.Â
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We develop tools and strategies to the best of our ability, but no one can guarantee the future. There is always a risk of loss when trading. Past performance is not indicative of future results. The trades expressed are from an 11-year backtest on 543 trades. The result was a 97.1% win rate, an average return of 17% (winners and losers), and an average hold time of 11 days. Every “Weekly Windfall” targets roughly $1,000 in income based on $5,000 in risk, and every example is based on that same risk unless otherwise stated (Although you can get started with just a couple of hundred bucks). From 9/30/24 – 2/27/26 on 128 live trades, the win rate is 94%, 16% average return (winners and losers) with an average hold time of 12 days.
