We have witnessed (and were able to trade) the range-bound movement in S&P500 over the last couple of months. S&P500 closed today near the upper end of the range. Can we break higher? Or are we headed back down?
We have both EU developments and Domestic Earnings that will shape up the next leg of the move. I would watch the move in the market closely over the next couple of days to see whether we can break the range.
Since VIX went down ~ 30% over the past few days, primarily long investors might want to buy PUTS to protect their portfolio, even though I am slightly bullish.
Happy Trading!