Play Editor's note: The markets continue to look very bearish. Yet we hesitate to add new put plays to the newsletter. The farther stocks drop the closer we are to an oversold bounce. Nothing moves in a straight line for very long although the NASDAQ Composite is trying. Currently the NASDAQ is down eight days in a row with a 7% loss. The Dow Jones Industrials Average has lost over 550 points without any significant bounce. Taking everything into consideration it doesn't seem appropriate to add new bearish plays when the market could bounce at any time. We'd rather wait for the next bounce to stall before starting new bearish plays.