If you do not own puts on any banks, you are missing the easiest trades in the market place. You must find a bank and ride this trend towards insolvency. On the watchlist this week, HDB, HBHC, IBN, LNC, and PNC are getting manhandled. Don't waste anymore time over this. Act now.

Also, keep an eye on Gold, as it is poised to break out soon. The dollar continues to weaken and the Euro is trading at new highs. The miners are/will be following suit here, so you might consider a small amount of exposure to this trend as well. In fact, these stocks represent some of the big moves today, naturally.

Biotech stocks are also starting to move into favor; slowly.

Aside from Gold and Biotech, the only thing you should buy calls on are the inverse ETFs. Nothing looks good enough to own out there. You'll have to waive your technical conscience to balance your portfolio; its that bad.

I bought a little AAPL yesterday, and I am sure you have all seen how that has worked for me today. I am still holding until prices close at a new relative low, but as you can see...buying calls is a waste of money.

I am sure you have noticed that I have scaled back the number of positions I am trading, and my position size as well. I still have a few large positions in play...SOHU, CMG, WYNN, WFR, SD, GPN and ADBE. The rest of my puts are smaller positions...TIF, FAST, BWLD, OMG, CHL, HRB, LNC, PNC, TBSI and ISRG.

My call positions include AAPL, BIIB, LNCR, FLIR, NUVA, CELG, GMXR, CRK, POT

Today I added Aug 65 puts on SPWR

and Aug 35 puts on LDK

I still think if you are looking for a decent trade, the solars and particular energy trades show some short term weakness. Even the strong stocks are confirming lower highs, and the weaker stocks are now displaying lower lows. Take a look at the XLE...not looking so good.

In closing I want to remind you that there is still a disconnect between the VIX and the latest market fallout. If it were correct, it would show you a much higher reading ($33ish) IMO.

More trade ideas to follow...