It would have been infinitely better to let the market open down, panic sell-off, and then around 2:30PM (classic reversal time) bring out a surprise cut and get the shorts scrambling for air.
Nevertheless, the market is holding well but we've still got 90 minutes to go.... we'll see how they close this pig. Any close around this area (Dow down 150 points) would be relatively bullish. Absolute nightmare scenario for the bulls would be a close on the lows.
And yes, we bought our 3rd installment of Nasdaq calls this morning. As stated before this is not how we trade, and it's a very small bet. Our buy today is very green, but two buys from last week are very red. We'll see how it goes.... even though losing it all wouldn't be a bad thing either to teach us to stick to what we know best. Short weakness, buy Strength (unless at key support/resistance level in oversold/overbought markets).
