10:40am (EST)

We have been stopped out of the other half of our S&P 500 Spiders (SPY, $137.37, up $0.58) trade as the bulls are recovering from yesterday’s shellacking.  We raised the Hard Stop this morning which was hit after the open but we can’t complain.

We made 33% in a week and we wanted to be out of the trade ahead of Apple’s earnings.  We will look to reestablish positions in the next day or two with either calls or puts, depending on market direction.

Subscribers, check the MA for the update.