IWM has edged its way back above $200, which allows us to start monitoring Jun puts in anticipation of the next leg down. The low yesterday was $195.49, now a key level which if broken, especially on a closing basis, will result in an acceleration down. Until further notice, that is our trigger. IWM dropped 50 points in four months from November to March, so expect at least as many in the next leg down, dropping IWM into the $150's by mid-summer. Jun puts should catch much of that initial Wave iii of 3 decline. IWM 3 Hr Do not let this market make a new low (<$195) without owning at least some Jun puts from this table. An IWM close below $195 is the "all in" signal. If market continues to moves up into end of this week a tighter trigger will be forthcoming. "Not dark yet, but it's getting there." B. Dylan
