Editors Note:

The last three days have seen triple digit moves, each in the opposite direction. The market appears to be in a topping process but we will not know for several more days. The S&P futures have been down -2 and up +3 in the afterhours session. With the indexes closing right on support we are facing either a rebound on Wednesday or a significant failure.

I see no reason to jump into a new position until we have a clue about market direction. The topping process can produce continued triple digit moves in alternating directions and I have no interest in putting on new plays only to be stopped out.

We currently have twice as many bearish plays as bullish plays and I am comfortable with the hand we are holding.



NEW DIRECTIONAL CALL PLAYS


No New Bullish Plays



NEW DIRECTIONAL PUT PLAYS


No New Bearish Plays