*Market Update and Message

*First it's very likely that at some point before the market closes I'm going to need to head out to pick up my mother who is having a procedure done now. She was getting pre-operation clearances for back surgery and there's some concern about something in her esophagus so they are sticking a camera down there and taking a look, but she's knocked out so I'll have to pick her up, just so you know and aren't surprised. I will have my computer with me so if there's a connection I'll continue posting if I'm in a waiting area or I also have my charting software back-up on my phone, at least enough. I'll still be posting the daily wrap and all of the other stuff after I bring her home.

As far as the market, there's still signals for a bounce in all of the major averages and all of the Index futures, this isn't anything of great concern to me, I figured we'd see downside today based on yesterday's internals and a larger roll over to the downside, but this is the area where there's a lot of chop, a lot of stopping people out or pulling them in, just mass confusion, we just need to focus on the trend and use the short term moves to our advantage.

So expect a bounce at some point, maybe in to the EOD. I will post those charts next so you get a feel, but they will look very much like this post from earlier.

I'll try to address some specific stocks some of you have asked about as well.

I'm going to try to quickly take a look at certain futures and leading indicators, but I'll get some market update out to you, whether I can get LI's in as well or not or if they deserve to be in the post, I don't know yet.

So far I still have no intention of closing yesterday's XLF put which is now up +22% for a December contract, I entered FAZ as well as SPXU and SRTY exactly for this kind of market in which sometimes you need to take option positions off to protect profits, but the draw down in choppy messy trade (which is all this looks to be- to sow confusion) is much more manageable in these 3x leveraged products and they can stay in place and in line with the 3C trend and not worry about the intraday mess created.

If I had shorted expiration XLF puts like November, then I might consider taking profits, I'll check XLF/FAZ once again before I say anything about taking profits in shorter expiration options.