I’m still not rushing into SPCX calls or puts after this post-IPO dump

A few weeks ago, the obvious concern was that SPCX options open with insane IV because. Everyone wanted leverage on the SpaceX story. Now the setup is different. My friend ans I still not sure buying premium is the clean trade. SPCX has gone from post-IPO euphoria to a reality check. It ran hard after listing, then go below the $135 IPO price and recently closed around $120 after a long streak. Depending on where you mark the high, the stock is down something like 40%+ from the peak. So now the temptation has flipped. Instead of “buy calls because SpaceX is the future,” a lot of people are probably looking at puts because the chart looks broken. Lockup/insider-selling risk is coming, and the next few catalysts could get messy. Q2 earnings, Starship launch timing, short interest, sentiment around AI/space names, there are a lot of things for options to price. That’s exactly why I’m still cautious. You can be right on direction and still lose if the option already priced in the panic. You can buy puts after a huge move down and get IV crushed if the stock just stabilizes. You can buy calls on a bounce and still get chopped if the spread and volatility are ugly. My cusin makes my mind clear about that. does a launch milestone hit or does the valuation hold, does sentiment recover after the post-IPO drop? That feels more useful to me than forcing a call/put trade just because the stock finally got interesting. Anyone else watching SPCX options after the selloff, or are you actually trading them here?