What else is there to say?

I should clarify a few things before I post the days results to be devoured by my critics.

My recent calls to buy dips in Agriculture and Coal this week proved to be wrong. The set-up was the same play it has been the last dozen times we've bought the dips in these stocks. Eventually, after multiple wins in a strong group, they slow down, and they stop giving. Yes, that is what happened today. Time to adapt.

In regards to my comments about "watching out for the sharp rallies," I thought it was understood that I was referencing the 200 or so Dow points that find a way to come out of nowhere, that are a prime characteristic of the market we are currently faced with. As I told you last weekend, I am bearish, but cautious of these rallies.

The VIX was also an issue I talked about last week. The fact that the VIX is just now breaking out points towards more downside. Yes, even though a market is oversold, doesn't mean it can't stay that way. The more oversold the market is, the sharper the rallies, given the context of the trend. Take a look at the ground that needs to be covered in the VIX.

And I quote..."In order to get a decent buy signal out of the VIX, it needs to rally quite a bit from it's current price, which means more downside. This along with the soon to be $150 crude, the market should find no resistance drifting lower. In fact, I think we do so with minimal rallyage."

I don't think we are near a bottom, but I want to reiterate...please watch out for the "big-ass" rallies that will come out of nowhere.

In regards to the questions about energy, coal, steel, and agriculture...

I don't think the energy trade is done. Look at the OIH or the XLE. There is still more to prove, and crude is north of $143.

I do think steel is done. That pattern we talked about a few weeks back, the coiling of most stocks in that space...most of them broke to the downside last week. I was stopped out of my monster position in AKS last week, and X broke down before I could buy it. It's over, and "yes" I would short them here.

Coal looks nasty. I'm sure there will be a slight rebound in some of these names, but the trends are finished. Depending on the stock would depend on whether or not I would short.

Agriculture, I am not so confident. Meaning, I wouldn't get short here. I was stopped out of my last Ag name, IPI today, but I decided not to reverse. I will sit it out and wait on these stocks to stabilize over the next few days.

In the end, today was not a bad day.

I posted my holdings last week, which you can see here, and here is the action I took...

Puts:

SOHU: - 1.9% still own

FAST: -3.3% still own

WYNN: -3.6% still own

LVS: -5.4% still own

HRB: +1.4% irritated, but still own

BWLD: -1.4% still own

XL: +.3% still own

CHL: -3% still own

ADBE: -1.4% still own

ICE: -6.2% still own, well pleased

OMG: -11.4% still own, very aroused

WFR: -3.9% still own

TIF: -2.4% still own

CMG: -2% still own

STT: -2.4% still own

SIAL: -1.8% still own

Calls:

ATW: -5.6% still own

ANR: -16% uh...stopped out

GMXR: +2.2% still own

UPL: -6.2% still own

IPI: -8.2% done

BBG: -6.9% out

SFY: -4% still in

ENER: -7.5% over

PTEN: -3% still in

BTU: -9.3% finished

CHK: +3% still in

CRK: -1.8% still in

That's all folks. A few trends have changed, but we will find supplements. We always do. Keep in mind, the market makes these shifts every now and again, but the rest of the time we are always on top.

In regards to tomrrow, I might try to scalp a few "top movers" in the morning, but am not planning right this moment to buy and hold over the holiday weekend. I am also considering throwing together a video tomorrow. We'll see.

In closing I heard a rumor that "Option Addict" was mentioned on CNBC earlier today. If anyone can vouge for that, let me know. It was probably in regards to the vandalism I did last time I was there. Who knows?

See you tomorrow.