A retracement to 2110-20 can quickly happen any time.
Stay cautious, as will stay high!
Long Put 2120
Short Put 2045
Short Call 2195
Long Call 2210 (protection)
Maturity: 16/Dec/2016 (35 days)
Ratio 1:1 all.
I traded this combo paying net 8 points. Max loss is 15+8 = 23 points if at maturity market is above 2210. Max possible gain is 75 - 8 = 67 points. Max Risk/Reward: 2,91
So when there is heavy sector rotation, SP500 and Nas100 can diverge.