2009-07-28; 11:27:25; Mid-day comments on SPX:

The set up is great for bears. SPX is approaching 5 day rising wedge apex. It will break down any time. Market is very weak now. Several attempted rallies failed in last couple of sessions. Also VIX jumped both yesterday and today. So please don’t go long day trading today. Use intraday bounce to add more short (with stop) if you don’t have much bearish core position.

We’ve bought more put at yesterday’s close (more or less same as short the close). We are net short underlying and net long put now. So we are heavily betting the down side break now. The first target is in between XXX  XX  XXX

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2009-07-27; 11:40:40; Mid-day comments on SPX:

Today’s action is within the “expectation” so far till now. A minor new high with higher low in intraday. Meantime, last few sessions’ action has printed a mini rising wedge, which is also bearish in near term. Based on these assessment. One should keep core short position at current level though some day trading long or short is fine. Again if SPX hits day high late today, one may short the new day high for day trading or short the close if close at or near day high with stop for overnight. Also keep in mind that the reversal can happen anytime. So do not too aggressively day trading long.

Today’s VIX jumped bit. If there is a sell off late today, then we might sell bit of put again.
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Or should i say SPX has break down and start the sell off today? stay turned......