Update

Without a hint of a buy signal, we’d be groping at straws. Our best guess at this point is that we’re in a wave 3 down, which should have a wave 4 followed by a wave 5 down to 1270ish? This is pure guesswork at this point and in this environment, using guesswork is just too dangerous. We still have 2 weeks left, and we still think it’s possible to make a recommendation into the first part of next week. So relax- nothing’s at risk for now, and wait for the market to settle a bit. Our only strategy choice right now is a bull put spread.