A Short to Hold Over the Weekend?

With the VIX testing long term support levels (see the daily chart below), there appears little reason to expect significant upside from here...especially with long term resistance level 1320 looming just above (and the upper bound of the downchannel declining each hour). Today's 1319.25 touch may be sufficient to qualify as a proxy test of this long term level, which neutralizes any further attraction above.  I'm thinking that this might be a rare opportunity for holding short over the weekend, but unless there's a sudden drop of significance this afternoon (to reduce the open risk on the position) I'll probably just be satisfied with my short term SPX options (long puts and short calls).

Still Too Much Complacency

The VIX (fear indicator) settled at a new relative low during Thursday's trading.  The lack of concern regarding the present downtrend in price portends further declines.  Expect 1290 - 1295 soon.

I'll cover the recently established put spreads and look to initiate them at lower price levels.