We got a big gap down in the market this morning with a 3 point rise in the VIX. This could be the start of a major sell off. Don't get overly aggressive here. The bulls have been strong for the last several weeks. For those that are bearish, we want to see a close today near the lows of the day and the VIX to continue to move up. A like the puts on IBM. I sold my AAPL calls and held on to my AAPL puts (part of a Strangle trade). I bought calls on the FAZ which is a leveraged inverse ETF for financials. This is a bearish trade on financials...which I don't recommend to those that don't understand leveraged inverse ETF's. We'll see how things close today.
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