Last week the Dow rolled over by breaking below 34500, but it was not followed by any other indexes. Without that confirmation a short-term trade on index puts did not have enough support to take on the risk. As of the first hour of trading this morning, the same conditions exist, most notably with the weakness in the Dow. The index ETF's reflect the mixed bag of non-confirmations: DIA -0.40% SPY -0.18% QQQ +0.18% IWM +0.52% No new index trades unless and until all of the above ETF's agree on direction and the underlying price patterns support a new leg in that direction.
