That didn't last long

Well, not to be outdone, the bears had a huge technical day of their own -taking out substantial support levels across the board. The most annoying thing about this was it's unpredictability. Everybody knew that the unemployment rate wouldn't be more than 5.1% (more less 5.5%), especially given the fairly positive initial jobs report on Thursday (hence the rally). So naturally, those who bought based on Thursday's data, now had every reason in the world to sell. Combine that with panic, trend-traders, short-covering, perma-bears, etc. and you've got yourself one hell of a sell off.

I myself got stopped out of several positions today but thanks to my genius-like, low-risk placement of contingent stop orders, today was mildly annoying at best.

I don't advise blindly rushing out and buying everything with the words UltraShort in the title, even though at this point things certainly look to be heading lower over the next several weeks. That would be impulsive and silly. What I do continue to recommend is finding some short candidates and placing contingent buy orders (on puts or put spreads). By candidates, I mean find something that is getting ready to break support or is up against some sort of trendline - even if that means being patient enough for said candidate to bounce back to said trendline. Then (after your order fills) place another contingent stop order directly on the other side of that trendline and you have created a low-risk trade instead of an impulsive buy order with no real plan. Check back Sunday/Monday and I will have done all of this work for you.