The Allman Brothers classic "Whipping Post" fits the mood of this market (link). Some markets have broken down such as silver (SLV), emerging markets (EEM), China (FXI). Others are hanging on, such as gold (GLD), stocks (SPY), support levels are not yet broken. Bonds (TLT) got a huge boost from the new Fed Twist of selling short term notes and buying long term bonds.
It is scary times to be sure. I don't feel any great need or desire to be the hero. I am concerned about my gold position. GLD 150 is the line in the sand, if that doesn't hold, I could be in some trouble, with my short 159/154 put backratio (long 1x GLD Oct 159 puts for every 2x short GLD Oct 154 puts). Max profit is GLD 154 at expiration. One problem is that the drawdown is enormous at 154 if we get there immediately.
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