Has the top of the market occurred? The bears are currently in control of this morning's action.

Our trade guidelines recommend not entering a new position if the underlying is outside of a 1 day, one standard deviation. As of this morning, that is a 12 point move on SPX, and a 10 point move on RUT. If the down-move continues after the open, we will not enter a new position today, but will wait until Friday. With the expected increase in volatility, there should still be ample credit and I would rather wait until there is a clearer market direction.

If the market settles by this afternoon to a level within our guidelines and a trade is entered, I will post an update with entry details. Otherwise, cash is a position, which we will continue to hold and "live to trade another day."

As always, stay keen on your risk management and trade carefully,

Dot Hazlin