As we mentioned this morning that gap at S&P 500 level 1104 wanted to be filled [Small Gap on S&P 500 at 1104 Yearns to Be Filled], and after a reactionary rally off S&P 1105 this AM, we have now used the afternoon to fill the gap.  (formed between Friday Dec 18th, and Monday Dec 21st)

While there is another gap down at S&P 1075, I assume that will be a matter for another day.

Pending how these last 75 minutes go, I expect to sell some (much?) of the put exposure bought earlier today into the close for an excellent profit that is hedging away losses in the long side of the portfolio...

...S&P is at 1101 as I type this...big round numbers (i.e. 1100) tend to provide some support as well, if for no other reason aside from human psychology.  Let us watch how that level is treated and adjust accordingly.

While yesterday was a rotten day, today has been fun; takes us about 24 hours to throw away our glass of Kool Aid and find our bear hat. ;)  That thing was buried in the back of the closet...very dusty to boot.