Personally, I believe we should should cover the spy
gap around 189.75 shortly. But market is making it very difficult. From the recent bottom the top of the bounce, we have just pulled in 20% with today's intra-day
low. Technically, we already had a measured move on the spy
channel breakout, you would think a pull-in should occur, especially the market loves to fill the gap. 2 things I observed in yesterday and today's minor retracement. Yesterday, the VXX
kept creeping down, even when the market was selling off. Today, the market decoupled from oil
when it was going down. I was long over 100 spy
puts overnight, I took profits and reduced my position to only 8 contracts. I don't feel comfortable shorting over the weekend.