Today's market action brings to mind the Bonnie Tyler song "I Need A Hero" (youtube link).
Readers know that I am more likely to wait for the dust to settle then to initiate trades in a fast moving market. So on days like today, someone else can try to be the hero.
There is an employment report this Friday. If the sell off continues into anticipation of that report, that might be a good place to take a stab at the long side.
I am still processing some of the information on option strategies from the Saturday seminar. I have thoughts about doing bear vertical put spreads out to December. I wrote about the worst ever September being a 12% decline. Looking three months out, instead of one month, the average decline from summer high to fourth quarter low is 9.8%.
For now, I am standing aside.
Flat
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