Chop, chop....

I think the market is going to consolidate at these levels. Market internals today, whilst they were weak right off the open have now stabilised and are bouncing. Just in case you didn't know cumulative ticks finished only down 10,000 yesterday so it's not like the selling is accelerating but then again, it's not like the buyers are stepping in either. Overall a choppy sideways market. I'm leaning slightly on a bit of a bounce so with that in mind I put in a small 2 contract position on the OEX with a 480/475/465 Put BWB. I got filled for even. We'll see how we go. Market overall feels dead to me here, I don't think there's any real sellers or buyers left anymore. Also, I think for us to have any meaningful bounce, it's going to take some sort of a shakedown to get rid of all the weak hands that are still long ie we have to go lower to go higher.  Risk is firmly off at this stage judging by a check of all the asset classes out there.