Obviously on this break of the 50 day I have added some puts against the indexes... I shorted a relatively smallish amount of TNA earlier in the day before this breakdown happened just as a hedge when I noticed how many of my stocks were weak.

This looks scary for the bulls.

EDIT 1:05 PM - unless we recapture the 50 day moving average I'll be holding all short positions with a target to S&P 1020.  I don't see any real support before that level.  After that the 200 day comes into play (990 and rising by the day).  If that breaks things will turn very ugly, and we'll look for a gap fill at S&P 906... obviously the latter two are long term targets - I'm just mentioning them WELL in advance; we'll take profits on hedges if we get these next 20 S&P points next week.