Quick Review Of Index Options

Here's a quick peak of Index options, you'll notice today looks like total noise, only as you move further out do trends become apparent.

 ES 1 min

NQ 1 min

at least TF is following price down, closest thing to a trne d all day in index futures...

Longer term charts though...

 NQ 5 min

TF 15 min,

it seems to me the R2K is getting ready to see a stronger or leading move down, consider yesterday's IWM volume and shortly thereafter the volume surge in SRTY (3x short IWM), in addition index futures not looking good, nor are the averages. I still like SRTY as a play on the broad market as well as small caps.

The SRTY position with 3x leverage is down around 5.5% which is very manageable for a 3x leveraged ETF. I'd consider adding or perhaps putting out a new trade alert, but I need to look at leading indicators, yields, treasuries, and breadth as well as some other candidates to see which has the best looking set up now.