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The top pickers got a day right today and it was a good one. Clap clap.

Ok so I’ve been saying above 1025.57 on the SPX and I’m excited, and below it, the next level is 1004.09. Then I mentioned the next step down below that would be 979.73, remember me saying that? These are the levels I used to close my RUT long this morning and take the .50% move. I should have flipped over to the short side with my index money, but did not. I digress. I think we will test the underside or above the 1004 level first before moving lower or higher. Unless this is about to be another massive October 2008 run over, there were some things today that suggest the market can bounce off the action created today. I look to the movement in the VIX and VXN coupled with the chart below. Now if we do get a move upwards, I will look to short large and the charts suggest what I’m looking for. A doji tomorrow, makes me think we will go lower and get to the 50 dma. A move lower with a close that is significantly higher off the LOD will make me think the new high scenario is on the table -1004 SPX will be the trigger.

I made some dumb mistakes today. 1) I didn’t sell every piece of $YRCW on the open when everything was looking great. 2) I realize that I had 70% and 50% gains in SQNM calls and those positions turned right back into losses today.

My VLO calls got sucked down as well. I sold my VLO Octs for loss, and bought VLO dec 20 and 21s.

I bought and sold FXP calls and AIG puts twice today for gains, but nothing special. Any calls for Sept strikes I dumped.

Ok so I bought the indexes long today at the close looking at the dip as a possible spot where the market can run to make a new high before ultimately falling. It doesn’t have to make a new high, I’ll take one up day.

So this is what I’m looking at as far as patterns go:

Positions: TSO, VLO Dec 20,21 calls, MTW Dec 7.5 calls, YRCW Oct 2.5 calls, ABX Oct 37.5 calls, long NDX 2x (as of the close), long RUT 2x (as of the close).

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