The bearish case is still very much alive and unfolding in a maddening series of waves 1- 2 down, meaning momentum is building for a push to new lows. For subscribers waiting for new signals, the SPY Sell of Dec 4th has now retraced about 50% of its initial leg down, making this a good spot to jump into the trade by buying the SPY Jan $265 put which is trading now at about $5.50. This put was a high as $11.20 just two days ago. The risk here is that the initial signal and recommended option (Jan 270p) from Dec 4th has already gotten as high as +296%, so new positions may already be too late to the party. Nonetheless, if you need a new trade, this one still looks as good as any and probably better than no position at all.