Today has been a very good day for buying puts on liquid ETFs. Favorites now include DIA, QQQQ, and IWM.

I have trimmed a few items from my many long positions, but by and large I'm going to let the stop prices do their work.

1. It is pushing up against extremely formidable overhead supply (see tinted area)
2. It has fulfilled its measured target based on the inverted head & shoulders pattern whose neckline I have also provided.

I'd suggest a stop at 1345.75.

Some of the longs purchased on Tuesday will be terrific for weeks. Others were good for little more than a 48 hour romp. MTN is a good example. It's up 34% from my purchase price. Terrific! But it's time to say good-bye.

The beauty of these bear markets is that it's five thousand times easier to know when to get out.

I am operating in two timeframes now.

One timeframe is bullish, and it's measured in months. I have about a hundred little positions (a little less than $10,000 each) that have pretty liberal stops.

The other timeframe is bearish, and it's measured in minutes and hours. On this front, I've accumulated (40) ES, 5700 SDS, and a bunch of QQQQ puts, DIA puts, and some SDP too.

I'm out of my dollar positions, and I've closed my DBA calls.

OK, here's a mind-bender……I am buying a derivative instrument based on an ETF which is double-inverse a foreign-based index. Phew! I'm seeing $CZH approaching a Fib resistance and fan line……..

So, although it may have a little more to fall, I'm banking on FXP moving higher.

Before you anal types point out that FXP isn't based on $CZH……….I already know that. But close enough.