The market gapped lower at the open and at its low IWM was down close to 2% (equivalent to over 600 DJI pts). IWM Daily Zooming in next to the hourly chart, a breakdown of this morning's low of 184.28 would break below the Wave 2 upward sloping countertrend rally channel and provide another entry trigger to IWM's Wave 3 of (3) down. Best Option Picks: IWM Jan 20th $180P (4.10-4.15) or more aggressive traders the Jan 20th $175P (2.70-2.75). The other index key levels describing in the Weekend Update should be monitored closely so long as the market remains negative for the rest of the day. VIX is coming to life today, any follow through into the low-to-mid 20's would be quite bearish for the stock market.
