Stocks took a hit early on Friday after Israel attacked Iran's nuclear facility.

Initially, equities tumbled as oil and gold shot up.

But as the morning has gone on, that's reversed a bit.

And as of 10 am, the decline looks fairly orderly, though small caps are down notably.

Thankfully, we exited our IWM calls for a gain on Tuesday. They'd be a zero right now if we held on.

On the downside, our NVDA calls are getting roughed up. (more on these below)

This is a good time to take a fresh look at your positions, and assess what you're committed to.

We've had a huge run off the April lows, and we could be in for some volatility.

That's why I cleaned up my loose longs in the middle of the week.

In terms of levels, here are your lines in the sand:

• SPY: $597-$598
• QQQ: $526-$527
• IWM: $208-$210

If we lose these ranges, the market could be in trouble.

So keep 'em on the radar.

Now let’s talk about our current names:

NVDA 6/20 $150 Calls: these calls got off to a decent start, but NVDA has gotten stuck in the mud on the Middle East conflict. So these are down for now. Still, it could rebound early next week.

XLE 6/30 $95 X $105 Call Spread: energy stocks have perked up quite a bit, so this position now has a tiny chance of working out - emphasis on the word tiny. But odds are it ends in the loss column.

MSOS 6/20 $4 Calls: MSOS occasionally shows signs of life but this sector is a mess. Unless there's a miracle, this will expire at $0 next week.

Have a great weekend!

-Scott