What Happened at the Close?

Starting the day it looked like things were going to be really bad after the open. However, the market opened down and slowly made the climb into positive territory (nearly 200+ points for the DOW). Then...JUST before the close...huge sell off back down to the opening lows. As you can see in the 1 min chart for the day there was no stopping the sell off at the end. Thus, we should be fairly cautious on where things can go from here. Particularly, we should be watching the lows of October as a last level of support.



As part of my strategy in OIL, GOLD, and the DOLLAR, I am shorting some airline stocks. Members know that I bought puts on this one during the middle of the day when it was at intra-day highs and am now in the green nicely. I'm looking for UAUA to go to around $4 before I get out of these positions.



With the election coming up next week (and please get out and vote no matter who you go with), the markets usually see a nice rally which new presidential hopes and dreams. This are still way over-sold and I will be adding to my positions slowing if it gets worse. Make no mistake though, I still am holding onto some of my puts from a while back (COH, APA to name a couple) for daily profits when we close down.