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Hope you had a great weekend because it's back to market reality today. Markets are off to pretty much a neutral start so far this morning when you consider last week's carnage. The NDX finally threw in the towel on Friday and broke below a key support level, which suggests this market may be headed lower. At this point, there's no reason to try and catch a falling knife even if you're looking for short-term profits on some index options. The risk/reward is too high to get long this market for the short-term. If you want to go out 4-6 months, that's a possibility but not this month's options... that's for sure.

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Friday already? An ugly May for the major markets and so far an ugly start to June but it's all pretty much par for the course right now. Low jobs growth and higher than expected unemployment numbers are getting the blame today. As far as we're concerned though, it's still all pretty logical but this is the real acid test right now like we mentioned yesterday.