With the S&P 500 hanging around 1120 I am going to sell the last third of my May 114 SPY puts for about 30% gains, which is not bad work for a 24 hour holding period (in market hours). While not a huge exposure (about 7.5% in total, 5% sold Friday) this SPY put position slapped on Friday once the market rolled over helped the fund to gains in both that session and today's.

With option expiration this Friday, I want to roll over into June contracts since the 'decay' in options accelerates sharply the closer we get. Hence if the S&P 500 breaks 1120 convincingly I will begin a new position in June puts.

The market seems somewhat oversold here, but then again there seems to be zero panic or even emotion to the selling.

No position