Update: Momentum Trades Using Options

I've made a few moves and wanted to bring everyone up to speed.

I closed out my Skyworks Solutions (SWKS) May 2015 $70.00 call at $14.30, which I originally purchased for $8.21. I still have confidence in SWKS, so I took some of the profits and re-invested in a further out of the money call. I purchased a May 2015 $100.00 call for $1.90. This allowed me to lock in some profit and still have some upside with SWKS.

I closed out my Celgene (CELG) May 2015 $125.00 call at $4.00, which I originally purchased for $6.35, so took a loss. Looking back, I had an initial opportunity to make a small profit, but let it run too long.

I'm still in my U.S. Oil ETF (USO). On multiple occasions I've come close to locking in some profit, but willing to let this "run" a bit more. Oil remains very volatile, so looking for a profit over $5.00.

One trade I didn't post here, but did sent out Tweets that I went short Abercrombie & Fitch (ANF). Five days ago, I purchased a May 2015 $25.00 put at $2.50 and following their horrible announcement sold it today at $4.60.

Higher Highs?

Just wanted to get a sense of what others thought about the continuing rise in the market. It seems that one could argue about certain data and how horrible the market should be acting now, however the market remains resilient. The housing market is still in the doldrums, oil remains at high levels and more economic data is projected to come in the near future which should demonstrate a continued slowdown. So my question to all is: Is everyone hanging their hat on a fed rate cut? What is that magic number that people are looking for? Finally, if that magic number is not achieved or a rate cut does not occur have we become our own worst enemy, by expecting too much too soon and not letting the markets run their true course?