The market had another strong drop today as the S&P 500 closed below the 1120 support. The Russell 2000 shattered it's support with over a 5% drop today. Although this break of support likely signals an eventual move down to 1040, it also puts the market in an extremely oversold condition. We could rally a bit tomorrow. We could also have a panic sell off with the Dow down over 400 points. I don't like to place a lot of trades when the market could go either way. I'd like to buy more puts if we get some kind of snap back rally. We'll see if we can get one tomorrow. If you made a lot of money with this last drop in the market, you need to start taking some of those profits off of the table. They can disappear quick if the market gets into some sort of choppy rally. Those that traded the FAZ and TZA recommendations made a lot of money today. I'll expect some of those success stories.
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