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The June options expire this week, and since I trade options every week along side with the futures, the June futures is tied to those options. Otherwise, it would be confusing to calculate breakevens, p/l for covered positions (covered calls and puts) on the fly if i were to use the September.

Asking 1349.25 June contract for a new short. Adding 1360 with a stop at 1371.

I'm a realist and I call it as I see it, but you do as best fits your situation.

Until the market closes above the May highs, the trend is sideways to down. The trend will turn neutral to up after we close solidly above 1350 June. So just add.

Are you short the weekly options?

Hi Mastacoli, I commend you for having guts to add to your initial position on the biggest and trendiest day so far in 2012.Is this the most heat you've ever taken trading ES? and what's your current average price?

Now you know why they call them velocityshares even though they're notes, lol.

The April Puts are closed here at 1383.50. I'd like to see a run to 1415 - 1428 to load up again.

I wholeheartedly agree. I couldn't believe my eyes when I saw a print of mid 14's in implieds today. In the April's today at 2 SPX strikes away from where we closed this afternoon. Even though I'm expecting a test of 1415 in the next week or so, a gradual increase of implied vola will occur...

Smart move. I don't recall seeing such persistent contraction in historical volatility coupled with a big drop in implied in a long time! At this rate, IV is going to 10 by next week, hehe.

How do you like today's gut wrenching volatility in the ES? just kidding, lol. Extreme reversion to the mean is taking place, just the opposite of August's vola. Expect a big day sometime next week.

A few more months doesn't mean we won't see several 25 - 35 point moves in a day. They just won't happen as frequently as we all wish until sometime in March.

Just like the day follows the night, volatility will come roaring back. It's taking a little breather that could last few more months, which is quite normal from a historical perspective.

Happy new year to you as well. What's your projections for next year in terms of high and low?

Lol, I was going to hold him accountable till you beat me to it. His 1220 prediction was a one day pass good only for Monday.

At what price is wrong? Also, B1S2 will disregard your trade if you don't post stops :p

So if you don't average on a swing, you must have a stop then, no?

And what's your avg satchel?

Ok, add a gazillion more in the 60-67 range between tonight and tomorrow

So what's your avg. ammo?