As the hourly chart below indicates, the S&P 500 is breaking down below Wednesday's lows. This does not bode well for the market next week. Our PRO portfolio is holding VXX calls (Feb 19th $20C) and QQQ puts (Feb 19th $285P), along with the FB Feb 19th $255P. That seems like enough short coverage going into the weekend, but for any short-term option portfolio light on short-side protection, all of the above are still "Buys."
