The market has been open for about 2 hours and so far the story is about the early selling. All three major indexes are below their 10 day MA right now. It is still early in the day, so I'm going to continue to watch going into the close. If we close near these lows, we'll need to flip flop again and buy puts. I would have liked to see more capitulation to the upside before getting a decline in the market, but we might not see it. The Dow hit its 12,000 and the S&P 500 got its 1300. This could be the sell off that I've been looking for. The VIX has spiked up significantly. Watch to see if the buyers come in late...like they've done several times in the past. If they don't, I'll be very confident that the expected decline is underway.
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