Randy, thank you for your input. I took 1/2 off the table and will let the 1/2 run at least until tomorrow AM and see how the market reacts to Trump’s tweet about Iran. You can’t go broke taking profits. Given all things being equal, I thought the Q’s had a chance to go at least to the $169/170 level. I think the markets are short term overbought, and all it would take is a negative tweet or reaction to Iran to erase most of the gains in options.

brandk3- Just to make sure that you don’t read your emailed copy of my reply to your question above (if signed up to receive them), I just corrected a typo to read that I can’t (vs. can) make a screaming case for a reversal…
I tend to type fast & if I do proof what I’ve typed, I usually do it after submitting the post or reply. Just wanted to clarify that one as there’s a big difference leaving out the ” ‘t ” on the word can’t.

A run at that the bottom & possibly even the top of that huge gap from March 19th is certainly possible. I can’t make a screaming case for a reversal other than the fact we are overbought (on the 60-minute time frame) which, as I often say, can become “more overbought” plus the Q’s & SPY are at resistance.
While I favor at least a relatively minor pullback to those levels mentioned above, we don’t have any evidence of a reversal yet & the momentum is up. Therefore, you might consider trailing stops up at this point to protect profits while allowing for more upside, should the market just blast right on through these levels.
The biggest short-coming of that strategy, unless the markets somehow exploded to the upside today, which I do not see happening, is that you would have at least one day of overnight risk on that position. As such, even the best-placed stop or tight trailing stop is worthless when trading ETFs or options (as I know you do), as a large opening gap against your position can by-pass your stop by a relatively wide margin.