The easy money in this market is over IMO. After such a long uptrend, the recent acceleration/blowoff to the upside, the pullback after breaching the $3000/tonne level, and the two very large down days in the last week, the risk/reward for longs has deteriorated significantly. The chances of a reversal have got much higher, and the potential downside appears to have gotten larger too. I would therefore recommend exiting long positions, and/or raising stops on the rest to just below last wednesday's lows ($127.50). Options premiums are prohibitive, so I don't recommend using them to hedge.