SPY gap closing faster than I can write this

10 May 2016

I plan to sell a Bear Call Spread if the upward move closes the gap at around 207.80, then depending on the speed of the decent I will sell a Bull Put Spread if drops past 205. I will probably do a directional trade on the way down also but that depends on premiums at the time.

11 May 2016

Not

Didn't expect this fast of an up then down. I may still sell a Bull Put Spread if it goes down to 205.50 area to create my Iron Condor, but am nervous about a larger then expected drop. Good luck all.