y2kate: The upper boundary of the 4/1-2/08 gap down is 123.45. Note my white solid horizontal line on the chart I linked.
IMO, for the most part options trading is a fools game. Use them to hedge larger positions, period. Trade equities, while the risk to reward is smaller you get to keep most of your money if you bet wrong and exist smartly. You have a better chance to build your portfolio.
95.46 is the 5/9/09 pivot high. A test of that area is one of the support areas to watch during a significant drop. If POT drops to 95.46 you should be short into the drop, not get short once it gets there. As 95.46 is being tested I would rely on my OB/OS models in real time to help me decide what to do, cover and reverse or hold the short.
I don't track the TBT...
LG aka TheChartologist™
