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With the spike in the $VIX to levels not seen since 2001, I am thinking that we are on a short term capitulation. I could be wrong but I think we can sell the SSO (Proshare Ultra Long S&P 500) puts for October. The low on the SSO so far today is at $47.50 or $2.00 less than the current price.

Since I don't think we need to be overly aggressive let's sell the October 45 strike pric with a $2.0 target. The chart below is of the $VIX and shows that it spike to over 42 today when the SPX was at its lows. The technical stop is at a break and close below $47.50. Good luck.

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