We've had a couple of down days and 35+ points pullback in the S&P. We're at the uptrend line from the mid-July lows through the higher lows since then. I'd say the long side is worth a punt, with a stop below the last decent low at 1262. Alternatively with just 2 days to expiration, the August 1300 calls could be worth a flyer.
Interesting. Coincidently I just bot 1 little aug 1260p on this rally for a punt into expiration...i`m thinking the oil/equity inverse trade is still working. And they might cover oil shorts into weekend. May be worth adding a 1300/05call into the mix...just for fun. ;-) Good trading to you!