Hi Hobstas

Good morning! Well it looks like we are going to have a lower open, I mentioned yesterday that we would retest 1088 /ES and it's possible that we gap over that at the open and could see some real selling come in.  I have a print to 107.31 that might fill today even though that's a ways off it's possible to get that filled

I loaded up on SPY put spreads @ the close yesterday after hours 110/105 august, why that because 107.31 is nicely in the money on the long puts and not close to the 105's. I paid a debit of 1.36 so I can make double in one day or 100% w/little risk!    That's how you play options with low risk high return.

I also added FSLR shorts to the Lounge before the close a put spread. Never do straight options before earnings you will getting an I.V crush that will suck the $ out of your option whether your right or not! Now the small movers not as much, but you always need to check the IV on a option before buying. As with anything you want to buy low IV sell High IV. So hence on earnings I do spreads.........SELL them and BUY them :)

 For now that's it I will watch for a gap over 1088 then I feel fairly sure we get more down side !!

Congrats Bears!