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[Macro Speculator]

...will look to take some off the table if we see 1170s. I think we might end up around 1150 before stabilizing/bouncing big, but it's getting closer to cover time, at least for part of the put position. December/January should be calm...sideways to up from 1150ish....then more blood in Feb/March/April as Europe unravels even more. If we see a drop below 1000 in the late winter/early spring, that will probably be enough to force a decision out of Germany. How they respond might set the stage for either a move back toward 1250-1300 or a continuation toward 700.