Well, off by $.75

Really $132 was the minimum I was looking for and $132.50 seemed to be ideal. In any case, when you add the premium, most of the $132's expired worthless so the pin for all intents and purposes was just about the same as far as the street was concerned.

Now we have the intermediate intraday timeframe positive divergences to deal with, which makes me thing we rally a bit next week and set up the pins so they can knock 'em over.

You can clearly see some algos were brought to bear on the close, I suppose they brought the market to the range in which they made out like bandits on the options buyers.

 SPY 10 min 3C positive divergene

SPY 5 min positive divergence.

These aren't really important timeframes, but they were not resolved to the downside at today's close, so I'm guessing we have a little upside to come.

Based on the last May Op-Ex bounce and Fibonacci retraements, I'm thinking $134.70 would be on the higher end of the range.

I'll have plenty of updates this weekend so be sure to check in once in awhile.

Have a GREAT weekend!