SLIDE TO OBLIVION - 7/28/08

I expected 1237 to hold in this sell-off, but we sliced right through it. The market does not seem to be selling off on panic selling with any volume. It just slides quietly. Its like a quiet smothering death. No struggle, just suffocation.

I will start reducing my risk on the 1200 puts. The market is selling off way too much for my tastes. We may need a re-test of the lows before it satisfies all the sellers.

I tried to bid 1241.50, but took a 5-point hit. I also tried to buy a break-out of 1244.5, but this failed pretty quickly. There was simply no buying out there. No short-covering. Nothing.