Are we having fun yet?

Well folks we've got the honor of trading in the New Depression. Puts written on long ETF's that once were 40% out of the money are quickly approaching in the money status. All long positions with very few exceptions are experiencing either the slow or fast bleed.

I have continued to move more money into cash. I've been rolling down covered calls....working, squeezing every last dime of premium income. But alas, even in the money covered calls and far out of the money put writing will end up losers if the markets keep going down.

I sold puts on GLD today. Gold and silver seem like safe places although there are events happening that are suggestive of a bubble.

My protective index puts have been going up in value but they are just allowing my accounts to tread water. I could move to all cash, wait for things to blow over and just enjoy myself....hmmm.

And of course there's always the dark side....joining forces with the shorts and the permabears..