Ouch!

I was actually feeling mildly encouraged going into the last hour, but decided that a few scaredy cats might do something flaky like sell to cover before the weekend so I closed my short puts, bought some puts and sold some calls right as we got to the last half hour. Unfortunately I didn't buy near enough and I covered 5 minutes before the close. . .two costly mistakes in a half hour. The Qs tenacity to the S1 throughout much of the day was a bit suspicious, especially as the NYAD had a slow steady ascent. . .nothing really too encouraging, but it was moving up. When we got the break at 14:00 I thought the Qs had some traction and was looking for a surge to the close, but 1 million shares a minute down for 30 minutes cost the Qs 2%. So the next question is, where do we go from here?

If you're one of those buy the crash advocates, I suggest you mosey over to Vix and More and check out Bill's analysis of what happened in the aftermath of similar debacles over the past 6 years. It's not all that rosey.