Well, my short positions are about back to even, after the Tuesday decline. One thing to watch for is if the Nasdaq (QQQ) and Russell 2000 (IWM) both go down on the same day. Recently they have alternated, so that would be a change of character. Implied volatility is very low…. usually the best time to buy puts. Continue to favor a crack in the market could widen quickly and wipe out weeks or even months of gains in days. 

Thanks,

Joe

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