The SPY chart below adds nothing to the big picture set out in the Weekend Update, but it May be useful going forward, so I am sending it along to subscribers. As you can see, SPY has retraced between 50% and 62% of the decline on Friday. A typical correction will reverse around these levels and turn hard down into the close. If that happens, I would suggest adding Sep UVXY calls as per the call table below. SPY UVXY 30 Min. Any of these strikes will do well if there is another leg down in SPY, corresponding to a leg higher in UVXY, with over one month left to expiration.
