So What's The Scenario

Futures stabilizing somewhat going into 7 a.m. here on the east coast. Dow down 100, S&P down 11 and the NQ's -15. Bonds inching higher with the Yen screaming and the EURO and British Pound getting hit .75% and 1.12% respectively. Gold down about 5 bucks and Oil -1.50 nearing that $60 level once again...I expect a good bounce there.
Scanning through tons of stocks I may want to fade soon with April or May call options...some chips and oil drillers but I'm a little leery thinking that they'll be cheaper later in the week, so probably keep my powder dry as I cover the remainder of my shorts into this mornings open...maybe a day trade or two depending on volume action around support and resistance levels. Keep your time frames short...shorter than usual...we could see much wider spreads here meaning liquidity levels could be much broader in the markets...your stops could get some nasty fills...no market orders today.

I can't believe I didn't throw some money at some sub prime lending puts last week in stocks like AHM, DFC, FMT, IHM, LEND or of course NEW and NFI...I guess I didn't have the balls and they are all going to get torched here...

Quackers on CNBC recommending the replace stock with options strategy again...good luck with that...CASH IS KING here for the less initiated...jfg