When I look at the SP500 chart, the desire to sell or take protection is just glaring at you via the 150 and 200 SMAs.
But, IMO, the time to take that protection, was when I posted about it during the recent test of the SMAs. Now we have a scenario, where the market should break these SMAs.
This would be consistent with the emerging markets. The general basket via the ADRE, and then more specifically via Brazil via the EWZ.
Never hurts to take profits, but there seems to be more juice to this market move.
I will look to add 115 SPY Sept put protection with the SP 500 around 1150. (This should be when certain technical conditions of the VIX line up to merit protection. But I will post the set up when the time comes.)