chipping ~0.7% of portfolio on slightly OTM june long options on ESM7, 2 call 2400 @ 24.75, 3 put 2250 @ 28.50. VIX is 2 percentage points above this year's low, but still low on historical levels, though not against the realized vol. Implied vol is shown 10% for the calls, 14.5% for puts. Don't have the infrastructure to track option vols historically but I am fine with 14.5%. The idea is that S&P will shake off this week's losses tomorrow if the Trump team manages to get the missing congressmen aboard for the healthcare reform. If they don't manage to pass it, this could start unravelling the post-election gains in the s&P. S&P has had an over 20% run up without substantial retrenchments, so I join the camp that wants to see some harsher downmoves in the S&P. S&P is only 2% down off the highs. That's not sufficient if it's revealed that Trump can't pass the reforms effectively.