I wrote last week that I thought the short term might still be constructive due to stocks like AAPL (chart) and MSFT among others looking sufficiently oversold; in fact they would have be buys if I was constructive on the overall market. Clearly outsmarted myself on this one. These Mag 7 stocks took off and they are being bought up aggressively as we start earnings releases directly ahead for many of these stocks. And the overall market is fairing considerably better than I anticipated. A visit above 700 SPY looks very likely. 693 is the area it has to hold as support. 

Full transparency I had a SPY bear credit spread on from last week. Because of the time erosion and the nature of credit spreads I was able to exit with a 35% loss Tuesday. Two losses in row on options trades. First time back to back losses in many months. 

As I stated I have not been synced up to the market the last 2 weeks. That is my invitation to stand aside from trading until things clear up. Worst thing to do in these circumstances is to force a trade to try and recover. I will be patient. 

Thanks,

Joe