Options traders everywhere become very happy on a day like Wednesday May 22 as we see the VIX suddenly move to the upside. However, this is one of those situations in which you have to be very careful of the trend. The reason being we have a 3 day holiday weekend on the horizon.
These holidays have traditionally been a time when many will sell volatility starting on Thursday morning in anticipation of a weekend volatility crush. This becomes an interesting conundrum when the market has a sell off followed by an overseas debacle in the Asian markets.
One of the things that you should definitely consider, particularly as a retail customer, is balancing your premium, heading in to the weekend, in other words spreading things off. So many times you see spreads in terms of defining risk of movement, but in this situation you can see one of the ancillary benefits of trading spreads. They help to not only balance directional risk, but in this case the Theta (time decay risk) that can work against a trader over weekends.
It might not be evident from one weekend of trading, but good trading habits as described above will serve you well in the long run.