Have we seen the last of the selling or is there more to come? Into the close on Monday, we saw program selling across indexes and individual stocks. This can be interpreted as a warning that downside may be limited here in the short-term, as we may be approaching capitulation after a sharp selloff. As such, I'm looking to sell some put credit spreads - specifically on names like COST which has been relatively strong despite the market decline. Stocks that had been breaking down before the selloff, like VMW, would be candidates for downside plays. The dollar/yen relationship is setting up for a bounce, which would allow stocks to have a reprieve, but after a bounce we anticipate continued selling.