Threw some SPY 106 puts on in the last hour now that the S&P 500 has broken to new lows for the day. Sold off the last 10% of the SPY 108 puts that I bought last Friday earlier in the day. Obvious target now remains low to mid 1040s where I'd expect a bull stand. If this level breaks, see the fireworks we discussed Friday. (edit: a lot of other people see S&P 1050 as an important level)
Used today's big move in silver to sell some of our (double silver) off... prefer gold here due to silver's exposure to the economic cycle. Some days it seems the precious metals part of silver matters more, and other days its economic use does. Whereas with gold there is no question.
