Simon Property Group (SPG) has fallen steadily since last Friday and has come back down to its recent low of $144. But downside momentum is waning, and shares have found support just below this level. In this fast moving market, I recommend we book our profits here and sell to close the SPG July $154.80 puts.

I am also recommending two new buys today that continue our strategy of playing both sides of the market. First, Rackspace Hosting (RAX) has solidly broken below its $50 support level and looks poised to decline even further to at least its next major support level of $42 on continued uncertainty in corporate tech spending. Buy to open RAX July $50 puts at $5.10 or under. With the stock coming off a disappointing quarter and selling close to 60X earnings estimates, shares are unlikely to perform well even in a market bounce.

On the other side, JP Morgan (JPM) is looking strong today. Spain is actively attempting to recapitalize its banks, and if it succeeds, it would be a major catalyst for U.S. financials. The company’s recent trading loss is well understood by the market, and it not only gives us a good entry point but investors are beginning to realize the overall impact to shares will not be long lasting. Buy to open JPM July $30 calls at $3 or under. Currently trading just under $32, I look for shares to get a quick snap back rally to around $35.