As is all too usual, the markets have surprised me. Many of my assumptions this morning were wrong, atleast thus far, even my reflection on Morgan Stanley yesterday! To be honest, I’m still sceptical and it will be worth revisiting these assumptions at Friday close. I was sceptical of this euphoria, and should have reacted more quickly with the strength into yesterday’s close. That was one key clue, that I should have better covered my risk.

Plan: Start adding some June 129 or 130 puts, that will depend if we continue to show strength EOD.

I’ve been watching a Silver 40/50/60 butterfly since last Jan., and think it’s worth revisiting.

This looks overextended, but maybe I shouldn’t be making assumptions today.

As ugly as this day was for me, I prefer these moves.

Good Trading