It does seem there is a "forced" hold up of the ES, perhaps due to the short covering of the ES as you mention. However, the pattern usually fails when it has consectutive daily up bars on LOWER volume, thus leading to a pullback/correction (see SPY chart Nov 3-4-5). I do agree with the 1,227 breakout level, as posted earlier.
Why don't you just sell the 1220 or 1215 weekly put and get yourself close to even or slightly ahead by the end of the week, if it hangs around here.
BTW, there is also a LOT of LONG inventory held from three levels between 1216's and 1210's so ES is sitting right in the middle. This is not too uncommon when the ES is at such a critical zone of pricing (back to previous multi-week range highs). Not until one side of the inventory support or resistance starts to unwind are we going into a real directional move. Equities BUY or SELL programs will ignite the eventual reactionary unwinding from one side of this zone or the other.......eating popcorn now while waiting. JK....LOL! In the mean time, I am watching the Euro to see if it will start making new pivot lows on the day (and US Dollar rising) which most likely will bring in some Equities selling. So far, ZZZZZZzzzzzzzzz...........
I wish you the best, but I think Obama just hosed your plan tonight. You have Ben and Obama against you on this one. Where is your puke point again?