Yikes

"Yikes" was uttered several times during a repeat of the CBS TV show "Big Bang Theory," on Monday night. It seems a good word for a day, when the stock market melts down -2.7% on SPY, while TLT and GLD are up big. All my short options, even TLT and GLD, went up in price because implied volatility shot up. VIX closes at 23.0.

There are some things that come to mind. First, is my now famous "don't do anything stupid." Second: "fast markets are not my friend."

From the bullish side, if looking at price, SPY 105 is support. If looking at time, two more hard down days might be a time to add some short term longs. If looking at sentiment VIX 29 might be a long entry for stocks.

From the short side, I already mentioned that May/June tends to be a seasonally weak time for the stock market. That the best time to go short is often on a rally failure (vs. trying to pick a top while the market is still moving up).

I've been trading and predicting poorly lately, so that makes this an especially bad time to take on more risk during a fast moving market. Those traders that are more nimble, with a hot hand, have lots of opportunities to look at.

Long GLD, SPY, TLT