SPY $204 Is A Key Support Level - If We Close Below It Buy Puts and Swing Trade

One Option Trading Blog http://ift.tt/1TntT8G Posted 9:30 AM ET - Yesterday the market probed for support and once the momentum was established, stocks continued to drift lower. We are using the first hour range as our guide for day trading and this approach has worked well. The market is directionless and I am not going to read too much into these moves unless the SPY closes below $204. If that happens I will add to bearish positions. Yesterday I sold my VXX position for a scratch. I've been holding it for more than a week and I believe option implied volatilities will decline heading into Memorial …