Quick example: They bought puts on Friday and couldn't unload them for a full day + following morning.
Monday morning puts were down - it was obvious the market was recovering in a big way. Instead of cutting losses at ~20% in the morning they lost ~99% of their position. Some lost 100% since the options expired EOD.
Yes and the point is that today it looked the same as yesterday in the morning but it didn't turn out to be a bounce. It wasn't "obvious" that everything would rise on Monday. Only in retrospect.
Monday morning puts were down - it was obvious the market was recovering in a big way. Instead of cutting losses at ~20% in the morning they lost ~99% of their position. Some lost 100% since the options expired EOD.