I'll probably do a post this weekend, but I'll just say this quick tidbit for right now: as we, day to day, focus on every little tick, every little one cent move, and every little squiggle, let's not lose sight of this fact – – nothing even resembling a base has even started to form, and to my mind, the ultimate bottom is still years away.

I use my weekends to try to get organized and clear my head, and I could definitely use it after a week like this. Even though it was just four days long, it was a tumultuous four days! I'll see you here later………

For those interested, I'll be hosting a Spotlight Session on TOS (I think with Tom……….) at 4:30 EST (half hour after the close). This will be my final post for a while, so I'll leave you with a final chunk of Put option ideas with stop prices.

ABC 38.47
ABX 40
AEM 67.39
ARE 66.58
AU 28.49
DRI 29.55
GILD 52.35
GWW 77.07
HRS 43.44
LLL 80.42
LMT 85.99
MHS 44.90
MIL 55.99
NBL 56.82
NEM 45.83
RGLD 49.81
SQNM 29.14
STRA 239.99
XTO 41.90

I've been harping about this long enough. It's about time.

My IRA account (which is full of high-risk, battered-down stocks – – all of them long positions) was doing well even earlier today when the market was down hard. Heartened by this, I have added this new positions with the corresponding stop prices:

BID 7.47
DDS 3.04
DYN 1.84
EK 6.14
FLEX 2.19
GFIG 2.60
HLF 18.27
KLAC 17.15
LSE 1.58
MRVL 5.65
OME 3.91
PL 8.38
RAME .76
SLM 7.89
STEI 2.78
WFMI 10.75

Never overestimate the intelligence of the public.

I was just in my car, listening to the radio, and they were discussing California's budget crisis. Among the entities hit is the Cal State system, and they interviewed a senior at Cal State Hayward about the budget cuts. I'm paraphrasing here, but she said something along these lines: "It's important everyone have an opportunity to go to college. These days, you need a Master's degree to get any job. Plus all the baby boomers are coming. There are a jillion and two of them, and they need a place to go."

If I could respond to this young woman, I would point out a couple of things:

1. It doesn't take a Master's degree to get a job; indeed, the only jobs that are surviving this economy are the kinds of jobs that high school graduates (or not) can get. Those with higher education degrees are probably having a tougher time finding the high-paying jobs they believe they deserve than those who want to flip burgers;
2. Errr, the "baby boomers" aren't coming. They've come. And gone. It indicates an appalling ignorance of, well, just about anything to believe that the baby boomers are just about to enter college. The woman who believes this is, by the way, going to have her college degree in June.

Anyway, enough of that. The /ES has been rough-and-tumble today; I covered at 805 but re-entered at 823, and I'm hoping for a real tumble by the close.