The bounce I expected around 1085 indeed materialized in a late-day rally, and the puts I sold have taken sharp haircuts since my hedges were triggered earlier in the market session. Though we didn’t quite make it to the 1102 level where I’d been planning on taking some hedges off the table, I did so anyway because of the possibility of a gap down. This is a very volatile market. Rallying through 1102 should provide a little more momentum on the buy-side and the next line in the sand on the upside is 1115, which I don’t expect to be broken. A break below 1085 will unwind my entire hedge book.