The probability model continues to lead us in the correct direction as the market has gotten hammered from the open.
Can you believe that the DOW is down over 200 points and the equity Put/Call ratio is .89!!!
It is exactly this type of complacency that needs to be worked out of the market. If this type of bullish behavior continues in the face of large declines then stocks might have a long hard road ahead of them!
Anyway, we remain in the sell strength mode and should you see some type of rally mustered up in the next hour or so then look to sell the rally at 1535.47 basis the cash S&P 500.
Other area to note are 1531.41 and 1539.53.
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