Wait for 119.1 to Buy Puts

Overall the price action in SPY during the past few days shows that SPY is holding the 108 level fairly well. If SPY can hold 108 again today then it would be one indication that SPY may not drop much more than 108.

SPY is set to gap down and open at 108.6, I expect SPY to rally early and fill the gap at 109.1. This is a good place to buy puts, but I'm not going to buy here because I'm fearful of SPY climbing all the way to 111.7 to fill the gap down from 5/20.

Instead I'm going to wait until after 11:30EST to make a move.