Buckle Up

"Sometimes in an acute situation such as this, what is 'right' can take on multiple interpretations."
--Jared Cohen (Margin Call)

Today's gap higher drifted lower such that by midday indexes were down to about +0.5% gains. The downside action felt 'pressed' to me, leading me to close my recently opened put position in JPM.

Timing was fortunate as market turned around for 4% gains (Dow up 600). Better lucky than smart.

Volatility is back and likely here to stay for a while. If we are indeed entering a prolonged bear move, then be prepared for vicious counter-trend rallies like today. Such volatility is why, by the time bear markets end, there are few players left standing as both bulls and bears get carted out on stretchers.

Buckle up!

position in SPX