Well, I'm not the least bit surprised the lows of the day were established very early on. As I've pointed out multiple times, we're in a wide range (1350 to 1390) split into two parts (1350 to 1370 and 1370 to 1390). These are rough figures, obviously, but within 2 points plus or minus in any direction.
I'm pleased how I traded this morning. I sold my GDX puts, covered my SPY, MDY, and GDX shorts (as well as various and sundry others) and otherwise tightened up my stops. My little options account has grown 40% in the six days I've been trading it (although this is obviously a "flier" account and has nothing to do with my real portfolio, which is wayyyyyyyyyyy more conservative).
My intermediate-term goal remains something close to 1300 (maybe even a skosh below), but for now, I'm taking things nice and easy. It would take just ONE event – – like, oh, say, an AAPL surprise – – to smack the bulls upside the head and get us under that 1350 level. But that event hasn't happened yet, and I'm not going to get aggressive until it does.