Hard to call it a rally when we spike off on no volume in pre-market and then spend the rest of the day selling off.

If what goes up, must come down – oil has a LONG way to fall.

So far, the Russell is the only index that's gone through a full 10% correction – falling from 1,180 in early September to 1,050 yesterday – actually 11% – so far.

We NEED to see that 1,975 line retaken today or back to bear we go!

As with skiing, a nice drop can be lots of fun – if you are ready for it. If not, things can get broken…

We've failed the 50 dma on the S&P, Nasdaq, NYSE and Russell and the Russell failed its 200 dma long ago. We're still waiting for the Dow to cross below 16,940 and confirm the carnage but we made those bets long ago with our DXD Oct $24 calls, which are now 0.70 from our 0.45 entry back on 9/18.