Also, there was no point in putting in a market order. That would have been crazy since the natural posted prices were above 10 points. A market order might have been filled at $12-13. I'm still waiting to get my first email from a new trader who put in a market order. It's bound to happen.
The good news is that I got off the plane returning home from Dallas to find that the market made up about half of what it lost this morning. Not a bad start. The folks on TV are divided about whether or not today was a capitulation. Let's hope so. Maybe it's the start of a relief rally. Maybe the capitulation will wait a few weeks until we don't care because we have no positions.
With almost two weeks to go in this cycle, I expect that there will be a rally at some point. It may last for a week or an hour. I don't know. But, let's be prepared - in case it happens tomorrow.
As an official Couch Potato suggestion, let's put out the same orders we had out there today. We want to try and close the RUT 600/590 bull put spread at about $3.40. I think we have a fighting chance since we're only four points in the money.
The SPX 1110/1100 bull put spread is another matter. We're pretty far under water on this baby - about 55 points. When you think about it, though, 55 points on the SPX is not that rare anymore. So, let's also put our order out there for $5.00 to GTFO this sucker.
As I write this column, at almost midnight (ET), the futures are up 13.20. That's a good sign -- at least for the moment. It's better than being down 13.20.
Tomorrow should be another interesting day. These rolercoaster rides make me dizzy. Let's hope that we can lose some of this volatility.
Take care and trade smart.