Falling of a Cliff

At the start of today's trading I was anxious to get out of my long AG. Little did I know gold, silver, and miners would mostly go up A LOT on what is the biggest down day for stocks in 2012 to date. AG ended the day with +6.74% at $14.73. I was out of the stock at $14.00. Missed out on the leg up, but scored a bit on selling call option spreads in CMG and PCLN. All in all I had a decent day and recovered all my loses of last week in one stupid NDX trade. I am far from recovering all my losts for the year and now is not a time to buy into the market with so many negative news around the world and unknowns as to what if any interventions in Europe.

The miners seem to continue on a solid upward swing but with today's significant gains on such a devastating down day on Wall Street I am somewhat hesitant to go long in them. Yet over the weekend I will screen through stocks that I see opportunity.

On a side note the VIX ended today at 26.66 which is still much lower from its peaks in 2008-09 and 2011 down days on wall street. If by Monday there is no change in sentiment I will lean toward shorting the general market through my favorite and less loved index options.