This morning it is simple, for me anyway. I'm watching 1313 on the S&P futures. Any break of that and I'll be looking for more downside follow through. Failure to break below 1313, and we could be looking at another high, probably above 1325.
I've been using SDS as my short position against SSO calls. I slowly add to SDS as the delta of the calls increases which helps lower my average as I build the short position but keeps the loss to a minimum due to its offset against the profits in the calls.
I can't ever recall a market that made a bottom or a top on a Wednesday. So I'll look for this high, should it come, to take place Thursday or Friday. If not, I will likely close the entire position depending on market internals, etc.
Asia was down and Europe is mixed. S&P futures look heavy, but are attempting to base at 1316.
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