Even though the market gave back all its gains from yesterday, it is interesting to see that we haven't given up much to the downside. Here is where I am going to get bearish...

In the meantime, continue to ride the unwinding of commodity prices. Short Steel and Aghriculture have been the easy trends over the last two weeks. I like NUE today, and closed out my POT puts for a nice gain today. If you are anticipating a break of support in the SPX, I would consider fading the strength in tech today.

What is everyone else looking at?