UPDATE

Just a quick post tonight. We sold off a bit today on light volume. If we don't continue moving lower soon...and if volume doesn't pick up to the downside, we could see a possible short term rally up to the 1250 area on the S&P 500. We are still in the corrective pattern and we would still be expecting the larger move down, but this possible short term upward move would cause the S&P 500 to hit the upward part of the corrective channel. If we do move lower tomorrow, I still like calls on FAZ. I'm also bearish on oil. Look at CVX as a possible put option trade...but you might want to wait for it to close below its 10 day MA as confirmation. I also like puts on the GLD with a stop above Tuesday's high. It is a counter trend trade, but I love the reward to risk. If PCLN can break above $555, it will start to look very bullish...that is only if it breaks above $555.