This is a great trading index simple because it moves a lot. It was at about 150 at the recent lows so it is up at least 4x. In the good old days it was well over 1000. However, at this point in time we would sell because the index has traced out a pretty nice triangle. It has also shot up slightly more than the triangle’s mouth measures, and both the RSI and MACD are displaying rather high readings. Short-term a return to 560 is virtually guaranteed. A 600 Aug put can be had for about $10 and should be worth about $40 in August. Chose your own strike and or maturity date.