Not Much Has Changed
Not much has changed over the past 24 hours. While prices corrected a bit, the level of universal bullishness is virtually unchanged. If we do get a nasty day today I plan on moving my hedges from in the money puts back to put spreads. We are heading into the seasonally strongest three week period of the year next week. I originally envisioned myself getting rid of my protection in the case where we had a correction this week. With the VIX so low and sentiment still jubilant I have decided that buying some cheap put spreads for protection is well worth the money. I might buy some out of the money April SPY calls as a way of playing the seasonally strong period as they trade with an implied volatility below 13 in some cases.