I totally missed Friday's TWTR 10 point (14%) tank, but I did get back quite a lot of unrealized losses from selling wide TWTR strangles at lower prices. I think there may be another explanation for the Thursday large 85 and above call buyer. Namely, the trade was part of a giant Cottle book style strangle. Sell the wings then scalp the movement inside (Cottle usually uses a Swiss Franc example for this type of strangle). The call buyer may have made huge profits from Friday's TWTR price action by scalping with a strong downward bias. There were scalping opportunities until the the share price break down starting around noon. This explanation assumes that the exchange reported volume of 60 million shares is way lower than the actual (dark pool?) volume. Still such a scalp would be huge versus a float of 284 million shares (Motley Fool thinks only 11% of the authorized 555 million share are available for trading). I think my various 50s area bull put spreads are going to start lossing money next week.