It looks like we may be faced with another tough decision. As I write this, the SPX is at about 1495 -- only 10 points from our May 1505/1520 bear call spread.
For those of you who want to exit your position, you could close your bear call spread for about $6.50. We took in about $1.30. That would be a loss of about $5.20 -- or $520 per contract.
Those who believe that the SPX will run out of gas in the next month or two might want to roll your position to the June 1520/1535 for a small debit (about $1).
What you'd be doing is buying time. You'd be counting on the market to likely continue up, plateau and work its way back down into the profit range. However, it's entirely possible the SPX will approach, and possibly violate 1520. Can you stand the pain while you wait?
At the same time, you can put on a June bull put spread to help defray the costs of closing out your original May bear call spread.
These are not easy decisions. What you DON'T want to do is freeze. You want to be thinking clearly and thinking about the different alternatives. You guys know what options can do. There are a lot of choices.
Good luck, be calm, and be careful.