Instrument:
Notes: Had good luck with a straddle last time we were at 800.  This level has been acting as a pivot point in recent months.  Bear market rallies can be fierce and this one is no exception.  While I'm biased to the downside, I still have to be prepared for the market to move higher. Buying an 800 April straddle here for $6.29 per contract. This position will be profitable if we can get a 5 pt swing in either direction over the next week or so. If we move down, the trade will also get a nice bump with an IV increase. Looking for a 15-20% profit here.  No plan to hold this to expiration.