Markets, in general, do not typically change direction in a day. The process usually takes a couple of days for the current trend to abate or reaffirm itself.

It’s the Mid-Week shuffle, combined with a new month, making this an attractive day to take a contra-trend trade

We bought the SDS outright because we could define our risk with a reasonable stop.
This was a contra-trend trade based off our long term model and price tgt’s on a specific day with a defined out.

The better trade for a risk off board is a Long in the TLT. This is worth keeping an eye on as it’s trying to break out to the upsideon the weekly charts. To be safe you’d want to see a close over today’s high (app 124).

There will be a lot going on this afternoon into tomorrow with the Fed minutes and the ECB tomorrow.

FYI….all the good professionals have bought downside protection today via the Vix or other venues.