I took a hit on SPX longs today...

Title of post says it all. I went short puts yesterday and closed out the trade today for a loss of around -$700. I had the put spread at 1025/1075 but market sank is continues to do so today. Out of emotions for wanting revenge on the market I immediately flip sides and went long NDX September puts. As of now I am at a lost on the NDX position due to my aggressive purchase price, but will be happy to hold through it in the next few sessions.

Reasons for shorting:

1) the $NAMO index is not yet bottomed to previous lows. -60 is what I am looking for, until oversold condition reemerges, and probably within the next two/three trading sessions.

2) Sentiment is negative, and with good data out today and stocks still did not rally leads one to think market is headed lower.

3) The ADP employment data will come out tomorrow. Everyone expects a terrible number, and Friday is big job's number.

I anticipate a fight around SPX between 1040 and 1060 but soon 1040 will fail. I give it a week, therefore I am long NDX September puts.