We added to our call position Tuesday when VXX bottomed two ticks off a potentially important downside target at 13.57 that we’d been using for the last week or so to stay out of trouble. This allowed any subscriber who took the trade to buy four June 2nd 13.5 calls two cents above their intraday low of 0.48. We’ll have the wind at our backs if stocks continue to fall overnight, so I’ll suggest offering half (i.e., two calls, or a multiple thereof) of the position to close for 1.00 – twice what we paid — good-till-canceled. If the order fills we’ll hold a virtually riskless position that will have plenty of time to rack up additional gains. We also hold eight May 19th 15 calls in our position that were purchased for 0.50 with VXX falling to a less promising Hidden Pivot target two weeks ago. Continue to offer half of them to close for 1.00. _______ UPDATE (May 17, 6:23 p.m. ET): A stunning surge in S&P volatility more than quintupled the value of the calls subscribers had bought a day earlier, spiking them from 0.50 (our purchase price), to an intraday high of 2.63. Imputing the realized gain to the two calls (or 50% of the original position) that we still hold will allow us to carry them for a net CREDIT of 3.13 apiece. This implies we have a $626 overnight profit in the trade. Now, offer one of them (or a multiple thereof) at-the-market on the opening and play the remainder of your position as you please.  The rally also brought the calls expiring on Friday back from the dead, pushing them to a closing high of 1.22. Officially we blew them out at 0.15 on the opening, but many subscribers evidently held on and did far better.  Do with them as you please, but I’d suggest holding at least one of two of them (or more if you initially bought a bunch) until Friday’s close. _______ UPDATE (May 18, 8:12 p.m.): Subscribers should still be holding a small fraction of the call options they acquired recently for as little as 0.50. Check out this chart if you need encouragement._______ UPDATE (May 21, 6:05 p.m.): What had looked like a promising consolidation literally fell flat when volatility imploded ahead of the weekend. Even so, the bullish impulse leg created by last Wednesday’s powerful surge is still intact and capable of generating a follow-through. If you still hold any June 2 13.50 calls there’s no urgency about getting rid of them, especially since profit-taking has allowed subscribers to hold them for a net credit.  I’d appreciate your feedback on this in the chat room so that I can help manage position risk between now and the June 2 expiration.