Interesting day so far, isn't it? (Please copy that sentence to your clipboard and paste it over the prior 30 trading days).
With VIX (and thus I.V.) levels sky-high, I'm a skosh nervous about options positions. I actually rolled into a big (no; it deserves a capital letter; Big) position in QID. The (sort of) funny part is that when I clicked Send Order, I seized up thinking I had bought the bullish instead of the bearish ETF. I was relieved when I saw the word "Ultrashort". That, um, would have been a stupid mistake.
Looking at the NDX, we have cut below 2004 lows and are now at 2003 prices (I've tinted the 2004 low as well as today's action). If we continue sailing down, there's weak support on the fan line (which I've also tinted).
By the way, for you folks on the Investor Toolbox, I'm doing a "Investor Spotlight" session today at 3 p.m. PST (6 p.m. EST). I hope to see you there!
