On the weekend update I said weakness into Tuesday could set up some sort of bottom. I still think that’s not unlikely, though what we are possibly going to see is the selling just dissipate rather than an avalanche of buyers show up. Under this scenario, which I see as most likely, we get a decrease in volatility and an ebbing of the selling. The market then just starts to flatten out here. 

From a strategy point of view the March 21 options in some sectors have very rich time premiums and I am setting up some calendar spreads that may morph more bullish or bearish, as the calendar progresses. A flattening out of the market would be ideal under the calendar spread scenario. 

One trade I have is the AMAZON April 17 200 call long and the March 17 200 call short. The spread closed Tuesday at $3.60 and I believe it has a good chance to widen over the next week and some until the March 21 expiry.. 

Thanks,

Joe