The S&P futures are trading down -32 points on Monday night as a result of a new and larger radiation leak in Japan.
I am sure glad I did not add any plays over the weekend and I am definitely not adding any tonight. With the futures down -32 points on a speech by Japan's prime minister the outlook for Tuesday is grim. That kind of a decline will decimate near term support and could cause some serious technical selling.
Stop losses are going to be high and there will be a large amount of forced margin selling.
On the positive side this could setup a great long-term opportunity for selling puts since it will flush out all the weak holders.
The FOMC meeting on Tuesday could restore confidence and give us a boost later in the week.
No Open Positions