I think the $RUT remains the best bet in terms of an index short. In addition, although I made some quick profits on my OIH long from this morning, I do not have faith in this after all. Looking at a lot of the ag. stocks, the patterns are simply too bearish to believe that the whole energy/ag sector is headed into new strength.
I have taken advantage of these observations by purchasing puts in the items I felt had most cleanly retraced. I still have a smattering of calls in mostly gold-related issues, but to be honest I'm not crazy about them, and I've set the stops in there to do their work.
I've got a series of meetings this afternoon, so I won't be doing a post until later tonight; thanks!
