Full trade set-up here: http://www.basementmacro.com/uncategorized/hedging-a-dour-janet-w-utilities/
The trade worked fantastically with the options returning 175%, as of Friday's close. I opted not to close the position because (1) the trade was working (2) I completely missed the sell signal at 75.50 and (3) the "Utility Trade" is a good hedge against slower growth concerns - which, I think should abate.
With this morning's pullback below the weekly support, I added a few more calls to my position. If we see a breakdown below the monthly support, I'll bounce from the trade. Otherwise, a bounce off this support should lead to a retest above $75, with a target of $76 - Yes, I know it's only 0.50 above the prior sell signal. I wouldn't suggest opening new longs, but if you're already in the trade, I think you may have another opportunity at $76 to exit.