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The S&P 500 and Nasdaq have broken below their 50 day MA's. This is a sign that the sellers have taken control of the market. The Dow and Dow Transportation Index are lagging a bit, but they should break below their 50 day MA's soon. Look to start buying puts on the DIA, SPY, QQQ....especially on the market rallies. You can also look to buy calls on the FAZ and TZA. The market won't likely drop straight down so be patient with your trades. This doesn't mean that you don't set up stops, it just means that you might not get the move down as soon as you get into the trade. Make sure to buy enough time on your options. Don't use the "weekly" options. They are too risky.