Although I said you don't Have to have a direction, Andrew is true that if you can pick the direction you're ahead of those who didn't, particularly if you are buying.
I believe the banks are overpriced. Therefore I am Selling/writing calls or Buying/taking Puts. CBA I believe will drift (no direction) so I have Sold the $30 August Calls. If they stay under $30 or are less then $30.40 I'm ahead. ANZ I believe will decline (although I don't believe they are buying the NZ bank). Therefore I have a direction and have bought the $29.50 Puts. This is how I work out my OTC positions.
