Tuesday, May 18, 2010

Testing Yesterday's Lows

A quite dispiriting day for bulls; we are now testing yesterday's lows. If those break, it could be a quite ugly closing hour.

Still waiting for any sense of panic or despair... a flush out morning sell off would be healthier in the long run that our nonsense premarket magic.

I threw some June 112 SPY puts on the fire (as mentioned yesterday May's expire at the end of the week), although we have a ton of cash and are shielded from much of this damage.


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