Today the SPX bounced higher (mostly overnight) and traded sideways until a small fade into the close. After hours news from Intel and Yahoo was not great, but not awful. We can expect more upside in the next few days if earnings come in positive, but to what extent will the rally go?
I traded a half size bear call position in the October 28s, using the 2190/2200 spread for a $0.50 credit. We still need the VIX to trade definitively lower below 15 and the SKEW to print below 120 to get bullish.
