I went short the call synthetic (2x1 calls x futures) in case of a sharp drop. I don't expect a trade under 1275 in the next three weeks. I may fly it off, but only if up on marks. 56.90 average on the short.
No idea. The choice is a function of the vol-line when presented with the opportunity, as well as the duration of the hold. For all I know I may be out on Monday, but I imagine I will be able to hold it through the week. I would fly it off if I could lock say 5 in the fly against a +10 mark in the straddle.