If you’re not already in a pretty delta-neutral place, think about balancing things out tomorrow ahead of the 2:15 fireworks. We closed out one of our newsletter positions today for a small loss so that we can ride through the rest of May expiration with less risk and little concern about the magnitude of any market reactions.

We won’t do the reversal readings tonight, suffice to say that (with the exception of the QQQQs) the indexes have worked off their previous short-term overbought conditions, relieving the pressure by way of time rather than price. Still, if you have a bullish perspective there remain some points of concern. VIX and More has some great material on possible market complacency here, while the Ticker Sense folks remark that when the indexes and so many major sectors are sitting right at or above the tops of their trading envelopes, it might pay to be cautious.