Today is not just Tuesday

First, the market isn’t going to end the day as positive as it will start it. Just not going to happen. As I write this, the Dow is up 109 125 pre-market, the S&P up 13.30 15.90 and the NADSAQ up over 21.5 24.2. Sure things might go higher, but they won’t end the day higher. The news isn’t available for it. Yesterday the market volume was light, which isn’t an indicator of today’s volume but it will be a heavier traded day. Finally, bad news is everywhere.

UBS says oops, we lost $33 billion or more
LEH finding more people willing to give them money to lose
Manufacturing most likely lower for quarter
Nearly 9 million home mortgages higher than home’s value
The market is letting a little more air out of its tires…

GS says that there are over $400 billion in total bank write-offs.

I’m sure that there’s good news but it’s not above. I’m sure the market has enough legs and optimism to go up, but to me, today will be a day for me to find stocks that are up and start buying puts.

I’m not sure if I will be doing an all-in on one put like buying 30 puts on one stock or if I will just buy one put on many different stocks. Whatever I decide, I’ll post it here.

UPDATE : Looks like the market didn’t listen to me about the not going higher thing.. bummer. I’ll still pick puts when I see what I perceive as a top area.