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Not a whole lot to discuss today in the market...financials got throat-punched and market ground lower all day. Volume was thin and will get thinner as the week wears on.

The VIX was fairly quiet as large scale hedging was not taking place. This translates to a lack of panic or fear of a large pullback in the near future. The S&P traded south from the 20 DMA down to bounce off the 100 DMA. This is somewhat constructive price action; constructive in the fact that it is not destructive.

Today's price action brought the SPY to the short strike of the ITM Debit Spread currently open in the Monthly Trading Service. I know this as I received more than one email informing me of the action.....as if i didn't sit and watch 4 trading monitors all day :) ....cracks me up.

I am still very comfortable with the spread due to seasonality, the semi-oversold nature of the market, and the ease of adjusting the spread if the downturn turn continues or picks up speed. This flexibility is one of the primary reasons I deployed this particular position and selected this strategy. Don't let day to day action whipsaw your emotions and force you to act irrationally. Deep breaths my friends.

Both Trading Services will remain conservative (aka: minimal trading activity) until the market gives us an opportunistic entry point. Remember, I have no problem swimming in cash until the right opportunity is uncovered. Chasing trades and over-trading is not what has made BookingAlpha so successful

Navigate wisely and stay profitable, my friends. Happy trading!

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