Today's reversal could signal the beginning of the next move down. There is still a chance we could rally up to that 1220 area again, but many of the individual charts look like they are ready to drop right now. The financials look very bearish again so start looking at those FAZ calls. If the market gaps up at the open, it would really set up some nice reward to risk trades on FAZ and TZA. AMZN and CMG both had bearish engulfing patterns today. They don't have to drop immediately, but it should happen very soon. We still have to respect the 1120 support area, but I don't think it is going to hold this time. LVS is another put option trade. It should move down to around $37 (or lower) on this next move down. The SLV may drop a bit more if the market moves down to 1040, but I still think it is at or near its bottom...at least that is my opinion right now.
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