Cover short SMH, buying back the short SMH Apr 31 calls for a tiny profit, but a profit.
I am nervous about this market. The earnings sword cuts both ways. Today's bad report from bellwether GE can be easily followed by good reports from other companies. One factor in my decision is that Vix and More (link) reports a lot of puts being traded, so a big stock market decline would be unlikely and a fierce rally would not be unusual.
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