I am favoring long market-equity puts and long inverse-volatility ETFs through early 2012.
The mood of global economic doom means the market is primed for a portfolio of gloom: buy death-and-taxes stocks to profit.
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Optical stocks in particular get a black eye.
The final hour of trading is up for grabs.
Sellers of puts and calls have an incentive to keep volatility low over the next few days.
I'll watch the SPY levels this morning because it will dictate some of the follow-through trading.