Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

$SPX Daily Update

|Includes: SPDR S&P 500 Trust ETF (SPY)

The sky is falling! The sky is falling! 

Man oh man, what a day. The chart above tells it all. Things are not looking good for anyone who is bullish. But with such a massive one day drop, the odds are in favor of a bounce today. Personally I didn't get filled on my orders to establish bearish positions, so we'll see if we can get filled today. I don't mind caving in a little off the mid to get filled, but I won't chase the stock. And chasing is what I would have had to do since the market opened up way down to begin with, and never looked back... ahhh the life of a trader. :)

Good Trading!

Disclosure: No position