With S&P 1040 broken the floodgates should open nicely for bears in the closing 25 minutes.  I bought another tranche of puts around S&P 1046 (these are SPY July 103s).  I'll sell some of my puts into the close in 15 minutes but I am really hoping for one of those dark opens tomorrow which unlike today I will consider the real swoosh.  My 'teflon' stocks, while down, are still mostly hovering near their 20 day moving averages - I'd like to see real pain inflincted before feeling capitulation has happened.

I will be anticipating an oversold bounce in the next 48 hours.  If you are talented you can try to play it; but for most simply staying out of the way is the best course of action.  Just as we rallied 8.2% in 10 sessions, we've now lost it all in 6 sessions.  The move to S&P 1130 on yuan revaulation a week ago Monday was one great headfake. We're down almost 100 S&P points since!

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