Programs at work again, crawling upwards despite oil spiking. Oil will drop and stocks will go up even more in relief! In terms of the VIX and options, also the reverse of yesterday, with stock prices rising and the VIX dropping. Annoying and ultimately meaningless.
Bought some puts in the early afternoon from my list and eyeing others-Weatherford, Sears, TXN, JPMorgan, Netflix, IWM. Dow 12K and SPY131 appear to be the battleground. The plan is to take half off the table in the morning (expecting a down open) and see about the rest. This is just a short-term trade, domestic macro numbers keep looking good and I keep thinking much of it should be priced in. For every one who thinks so, there are others willing to buy on the macro news. This difference of opinion is what makes a market.