No new trades today, but we still hold a put on the spy....it's doing quite well, but let's be patient.
Markets ended lower but well off their worst levels. Yesterday's late selloff was a tipoff as to how today would go, and the bears could hardly be disappointed. Breadth was awful but volume eased a bit heading into the three day weekend. The VIX was the big story, soaring nearly 9% on the day. The dollar was slammed once again and on the heels of Britain getting a downgrade, it seems that the US might be next for that same fate. The pre-holiday trade is quite unpredictable, so it's best to keep things light for now.
Hit 'em straight!