#SPXcampaign I’m still believing we get a combination Santa-Claus/Tax-reform rally, as Republicans look closer than ever to meeting their Christmas deadline. However, the failure on the upside warning firing has definitely come through, as the rally was immediately halted and now we are wavering. As I cleared all call spreads and am short only put spreads, my risk is too lopsided, so I had to #ReverseRoll at least one of them.

Closed $SPX Dec 18th 2660/2635 put spreads for 5.50. Sold yesterday for 3.65.
Sold $SPX Dec 22nd 2670/2695 call spreads for 5.55.

My bet is on a bounce into tomorrow’s quadruple witching expiration and then higher next week. But this hedges me some if we go lower instead.