Today was an active day for subscribers but I do believe the ship has gone on the things we did. First off we are previously long the June 60 puts on PYPL. Today we sold the PYPL March 1 puts against them for 85 cents. As of the close they have an intrinsic value of zero and expire in 3 days. That reduces the cost of the June puts if the stocks stays here. We also bought a March 01 SPY 503 call and sold the 509 call spread for a cost of $3.00. The spread widens to $6.00 if the SPY closes over 509 by Friday. Tuesday close was 507. Obviously these trades are short term bullish.

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So while I continue to believe the market is close to a tradeable decline, the next few days look bullish to me. I said yesterday ARKK had the look that it could squeeze up, and that is exactly how I see it happening in the broad market. It is not out of the question for me for Wednesday to see a test of the Tuesday lows. However if that occurs I think it a very short term buy area for the next few days.