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Play Editor's Note: I was expecting the market to eventually trade lower but we wanted to short the post-bailout-vote bounce first! Over the weekend the prevailing logic was that a deal would get done. I was looking for a bounce, which we could then use as an entry point for bearish plays. Obviously that didn't happen. Investor pessimism and fear is skyrocketing but stocks rarely fall in a straight line for very long. If you want to buy a bounce, I'm not suggesting you try, but if you are looking for one anyway, I would watch for the NASDAQ composite to find support in the 1925-1900 zone. I would watch the S&P 500 to find support in the 1090-1075 zone. One way to play the NASDAQ is the QQQQ or the QLD, which is the double-long ETF. If you want to open bullish plays on the S&P 500 try the SPY or the SSO, which is the double-long ETF. If you are interested in double-shorts you'll want the SDS for the S&P 500 and the PSQ for the NASDAQ.

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