If SPY relapses to the 131.86 downside target given here earlier, buy two June 132 calls as detailed here yesterday.  If you are buying them to hedge the short position we hold in the E-Mini S&Ps, 50 option deltas per futures contract will suffice.   Please note that an upthrust today exceeding 134.61 would be hazardous to bears over the near term, even if it wouldn’t necessarily presage a run-up to new recovery highs. ______ UPDATE (May 19): Boredom ran out the clock on us, so let’s cancel the trade for now.