I guess we had it right this morning. That 3.25 level ended up being quite tricky though and we had to be really nimble changing our minds more than once . I scalped the first push as usual for a tick then it took me a while to decide if I was going to fade it. I finally did but wasn’t comfortable trading past 4.50 as it just wasn’t acting right. NJ wanted 5.50 but it stalled on him and he came out at 4.50 also. I dropped the target with my order and it went right there immediately. He had to sweat it out a bit. We both felt that if it pushed down again it wouldn’t hold so we each parked sell stops at 2.75 and traded into the then edge of value and cluster center at 1.75 – which has also been a really key level for the last few days. Volume is pretty light so we are probably done for the day. I would sell under 1200 into 98.50 or 97.50 if it came up though. BTW, I forgot to mention pre-market that there was HUGE, HUGE, HUGE sell programs initiated into the cash close yesterday. It pushed the premium down to under -8 and with the big rally yesterday the programs got great prices up there for shorts. All eyes on 1200 again and if it breaks, back to 97.50 we go…