One winner, no losers for the January expiration cycle. The lone closed trade was selling SPY Jan 104 puts, a small minnow to be sure.
The headline for Friday is "worst day of 2010 so far." With headlines like that, it is likely that any decline will be modest because so many folks are cautious. It takes time to dissipate all the upside momentum in the chart.
Speaking of upside momentum, gold seems to have stalled for now. One scenario is another leg down taking GLD to 99. That would be the low range, the recent highs in gold are likely to provide resistance.
Long SPY, TLT
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