I know I shouldn't post this but my opinion is that Yellen and company are going to surprise the markets by simultaneously suggesting rates should remain steady and point to a rate hike while hinting another cut could be in the offing. I am of the mind to suggest my position of buying the June 24 109. calls @76¢ and the June 17 108 put @ ¢70 as protection. Accept the loss on the put if wrong and sell it at the market by expiration and exit the long on the relief rally that seems to follow such announcements around 111. as I think if correct the rally will test the 111 level. The nice thing about this position is that I am afforded some time for the rally to ensue and if wrong, we'll know it very quickly. I offer no advice, just posting my position today.