Update

OK, so we finally have some movement on the s&p pre-market. We really need the market to break out of this narrow trading range in order to do a spread, because otherwise will create the current condition, where the risk is too great for the return. As we mentioned prior to the holiday, we can’t go for a spread when it’s 35 points out of the money with that much time left in the cycle. If we had opted to do that, a bear call spread could be in hot water right now. So now we let the market dictate its preferred trajectory and look for a decent entry.