True, but if you can identify both the winner and the loser, say AMD and/or TSMC vs INTC, you could sell puts/spreads on the loser and sell calls/spreads on the

True, but if you can identify both the winner and the loser, say AMD and/or TSMC vs INTC, you could sell puts/spreads on the loser and sell calls/spreads on the winner in similar at-risk dollar amounts. If the market itself booms or busts through your strikes, gains on one side will cancel the losses on the other. While you're right, you make double money by winning on both sides. But you lose double if you're betting the wrong way.