Stock futures are pointing to a higher open this morning. I may take this opportunity to take my profits on my Feb 44 Calls and the Feb 46 Calls should go green today.
S&P 500 (MAR) +11.50 
| Nasdaq (MAR) +23.75 | Dow (MAR) +88
I still feel that the general direction of the market is still heading down, but as a swing trader I can take advantage of the weekly up and down moves that happen in the general trend. The current weekly trend should be coming to a close soon as the Q's price is getting towards the top of my trend channel. This is when I want to take my profits. It can easily extend beyond that and go further to the upside, but I don't want to risk it turning right back down again. The problem with the current market (and down trends in general) is that you will find sharp declines then a slow building backup. For example on Tuesday of this week we had a sharp 1 day gap down to the lower trend channel line, then over the next couple of days it slowly built back up to the top of the trend channel. It could go farther up and extend (or move) the trend channel higher. But its best not to be greedy.
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