I'm looking forward to reading comments (even though there's probably a small amount of snark in there………) Obviously today was incredible, and obviously I missed a huge opportunity by not owning index puts today. Indeed, I came into the market long the QQQQ. So – – irony of ironies – – Mr. Bear got smacked by the Bear Market.

Not to say that today was bad. I made some money, but not nearly as much as I "should" have (the quotes are deliberate, because it's all too easy to second guess ourselves). Naturally I am disappointed, and I am going to go through all my charts (well over 1,000 of them) to get a fresh look before the opening bell tomorrow.

I honestly thought the Dow would shake off most of its losses today, but I think the persistent fear is My God What Is Next. So people couldn't stomach the idea of staying long. Two hours before the close, the Dow was really blasting higher. That fell to pieces.

Reaching for my report card, I'd give myself a B- today. Considering the circumstances – – and greatly aided by my bullish gold call! – – it wasn't so bad. But I can't help but say I am disappointed in myself for not believing the Bear could dig deeper. I've waited far too long for this market to act in that manner. Shame on me.

I just bought a large PUT position on symbol GLD. I think this gold panic has run its course. The $IRX chart, by the way, continues to amaze me. What a day! What a day!

I sold my RUT puts (acquired today and, amazing, capable of yielding a handsome profit) and got into IWM calls with a stop at the day's low of 67.64. The Dow chart was pretty compelling for me (in terms of looking for a bounce). Looking at the IWM chart, I think we are revisiting January 23rd. That is – – – hitting a major Fib level and, the next day, going a little bit below that level before pushing off higher. Notice the highlighted areas below.

The Dow 30 is almost exactly at its 78.6% retracement, which, as you can see, has been an important support or resistance level in the past. This might be significant.