Another Overnight Ramp

Another overnight ramp up in the futures occurred around 1am ET. It seems euro related, which broke out earlier around 10pm ET. Perhaps this means 1452.06 will get tested today/tomorrow. I hope so. For me, it's the key to knowing the odds are strongly tilted toward a correction or an impulse.

Even if 1452.06 gets exceeded (1457-1458 would be ideal) it would not necessarily mean a straight run to new highs. In fact, the market could still correct much lower. But it would signal to me that I should position myself as a larger buyer at some point.

Friday I lightened up on both sides, first puts in the morning then calls in the afternoon.  I still have roughly the same 3:1 delta calls/puts and would love to scale calls into the mid-1450s.

Today, I look forward to hearing all the juicy reasons why the futures reversed and went giddy up last night.