We had a really nice drop so far down – – down over 160 on the Dow at one point – – and I'm bagging my profits on the S&P 500 and Russell 2000. My oil and precious metal puts are doing great. So – – same old story, everyone – – I'm hanging on to my zillion small equity puts (which you can identify on the right side now!) and taking profits on the equity puts.

The Dow is getting close to 12,000, and that could represent some pretty meaningful support. We've had a number of bounces at that area, it's a psychologically important area, and it's a Fib resistance level. The only exception we had was the mini-panic around January 22nd. It would take some Big New Information to give us the strength to push it down more in the short-term.

China is interesting. You can see the horizontal line that used to be support is now very substantial resistance. It is still safely within its channel, but a break beneath that lower support line would spell further weakness.

I'm getting more aggressive with my gold shorts. I like how gold and oil are softening up today.

If I'm wrong about the indexes, and they continue to plunge, I'm going to have left plenty of cash on the table. The indexes are a mixed bag. Some of them seem to be nearing short-term bottoms. And others, like the MidCap, seem to have plenty of room left to fall.