Unless you have a financial death wish, Friday may not be a good day to enter new positions. With the Dow down -274, Nasdaq -123 and S&P -38, Friday could either be a monster rebound as shorts get squeezed or a follow through day where we see new lows. Given the location on the calendar, the lack of upside catalysts and the political upheaval in progress, my vote would be for another decline but that is just an opinion not a guarantee.
In 2017, we have not had a follow through day after a big decline. Each drop has been followed by a neutral day or a rebound. Eventually these trends end and a real decline appears. The big cap techs imploded and all closed at the lows for the day. Nobody was jumping in at the last minute in expectations for a Friday rebound.
We are biased to the downside in our portfolio and one more big drop would take us out of the SPY, DIA puts and possibly the VIX calls. It would also put the S&P and Dow at initial support and then we could start looking for upside positions.
NEW DIRECTIONAL CALL PLAYS
No New Bullish Plays
NEW DIRECTIONAL PUT PLAYS
No New Bearish Plays