No bounce but signs are there

Well there was no bounce yesterday but the fact that the Nasdaq and Russell are beginning to show relative strength may be a positive sign in that the selling has subsided and we are ready to bounce. Things still look very shaky out there and with commodities getting hammered yesterday so one cannot be sure that the selling is done. At this point in time, I feel it's definitely worth putting a some small speculative long delta trades using options (because of  the limited risk characteristic). I would monitor how long we hang around at this price level as the longer we go sideways from here it will mean that we are accepting value and something fundamentally has changed in the market (ie not so bullish anymore). I would use that as a trigger for any bullish trade.