I traded 155 calls and got flat by the end of day. Still holding tranches of 156, 158, and left-for-dead, fully paid-for 159s.
I think 1539.50 may be in jeopardy, however. It is starting to feel as though a larger correction is brewing. Yesterday's bounce, for instance, was lackluster. Last night's futures action was so so.
I'm also adding up the larger events and seeing a possible shift in social mood that may prove significant. Bitcoin, gold, equities, the Boston explosion . . . it feels as though a switch has been flicked.
Social mood can and does turn on a dime. The last few days remind me of one of my favorite quotes:
“When optimism has been high for a long time, it takes very little movement
away from peak euphoria to produce stunning effects.”
Yesterday's set up should have yielded a sharp reversal with a 1575 target. That's why I was rather aggressive in the face of the continued decline. Unless this market springs to life over the next two days, I may take the other side of the trade and look for spots to get short.