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[Macro Speculator]

Still waiting for the 1180s or so to close puts. We could be there as soon as tomorrow or Thursday. If we see 1160s I will go long for a trade of about 30-40 points. This is exactly what I was hoping for/expecting mid to late last week....I just never thought such an overbought and fundamentally awful market would first put up a 40+ vicious move to the upside. But now these down moves yesterday and today are probably too powerful to be reversed immediately....it makes me more confident we'll see at least the mid to high 1100s before stabilizing....hence my reason for waiting and not closing out here. Then (if we see the mid-to high 1100s) it will be time for another debate....with regard to whether bulls can rally from there or if we're just heading right back down. Based on this action, personal bias is still to expect sub 1000 on the S&P by March.