We hit the 90 target on the spiders today, if you bought puts it should be a pretty safe play to hold them until the 87.5 level. There is definitely a change in momentum over the last couple of days, today you would have expected 100+ up day on the Dow after all of the selling this week, but the Dow could only eke out a measly 45 points. This to me is bearish, and we should see more down side.
With out a doubt, the bulls are going to step back into the market with force at some point, the question is, will they be able to take it to new highs or not. I am playing this sell off, but I am not going to get uber-bearish until we put in a lower high, and a lower low.
There will be some charts coming to my blog soon, I know, you cant wait.
Cash21
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