Another plan, a BIG bounce

Burned by the government news again.....I'm in a difficult situation right now because I do not feel I can go long at this point because the S&P is very extended up 666 to 810+ in just a few days. And I am not ready to get rid of my puts, because I do not believe in this rally.

I will continue to hold onto my puts (its painful), and am waiting for a pullback to go long, and to sell off some of my put positions.

The only positive I can take out of a day like today is that the Dow and S&P are both above their 50 day ma for only the second time this year. The last time they both were above their 50 day ma, was an end to a rally, and the beginning of a long downward move.