The fade in equities for this morning's ridiculous, feckless, childish run-up in prices happened faster than most of us anticipated. I bought a large quantity of SPY and SPX puts and got out of a bunch of calls……..some entirely (like AIG, IBM) and some partly (like OIH). Obviously the profits on the calls would have been best right at the opening bell. I made profits on all of them. Getting out of OIH was super profitable, although the remaining position has only a thin profit.

I'm a little alarmed how weak gold/oil/ags are. My bullish position is much smaller than it was at the open, but I'm less thrilled about it than I was. I've set stops pretty tight – – typically at lows of late last week – – so I could be boinked out of them relatively easily.

Hang in there, everyone! This is going to be a day for the books.

Sheesh.

These are short-term Fibonacci retracements on IWM, SPY, and DIA. Pay attention to these levels. One cool feature of the Original/Present chart tab is that you can see where current prices are vis a vis these lines once the market opens by clicking on the Present tab for any given chart.

Well, it's not even 4 in the morning yet, and I'm in front of the computer. I simply cannot sleep due to the anticipation of the day ahead.

As of this writing, the SPY's bid/ask is up over 3% from Friday's close. The IWM is up nearly 4%! Crude oil is up over 1%, even though the dollar went from very weak to relatively strong through the course of the night.

This is going to be one hell of a day. Brace yourselves.