We had a pretty big day here with big gains in SCHN and NOV from Friday. CXO lagged a little bit but I will give this one a little more time to roll over as it saw some big selling pressure into the close. I locked in most of SCHN and NOV and will look for a possible reload tomorrow. SKF turned out to be a real winner as well. I struggled to find a low risk add point today but I just let the tracker I had from Friday run for close to 40 bucks a share or 30%.

The price action in the S&P was absolutely dreadful today. The only positive I can see is that volume wasn't as bad as it could have been. I will be looking for a light volume bounce to reload some shorts as it looks like we are set for a new leg lower. However, keep in mind the next resistance levels on the S&P at 800 and 740-750ish. If we see the negative price action continue a long with an up tick in volume I think 800 will be taken out pretty easy. Let's see how we open tomorrow.