I certainly look back over the past year and wished I had shorted volatility or bought puts on UVXY. But I know if I started now, it would likely be at the tail end. I'm willing to miss whatever is left of the short vol trend if it keeps from taking on too much risk.

I got in (and then quickly right back out) of UNG calls this morning. Natural gas may rip higher from here, but I could not stay in UNG once it made an all time low. UNG and UGAZ are two of the trickiest and most volatile instruments to trade IMO.

I wouldn't be surprised to see another leg up for the small caps. People still seem to be giddy about tax reform, so they could send this into a bigger bubble in early 18. A good pullback or correction could provide a springboard for IWM.

You put it better than anyone else looking at the gold market : "a complete piece of crap." I can't see any reason yet to even consider getting back into gold stocks. I closed my GDX puts today, but I'm still a long way from considering long positions.

Gold looks nasty today, and especially the miners. I hope that a few big drops and a shift on sentiment to the bearish side will set up some opportunities to buy in 2018.

CNBC is starting to wonder if the technology trade is now completely over, so I am guessing it might be a good time to watch for long entries. If some bounce off the 100MA, it might provide a few good trades. NVDA is close to the 100MA.

Great article. I'm always amazed at how many people believe that before the market can suffer any serious downturn, it absolutely MUST reach a level on par with the 2000 dot-com bubble. Even people who think we are in a bubble right now are convinced that it has to go up and at least reach the 1999-2000 levels before a top can be in.

I like the Microsoft trade with a stop just under $82.25. Good risk to reward ratio, especially if tech stocks get at least a bounce next week.

At this point a 10% correction will feel like the end of days. I just hope I will have the emotional discipline to realize it for what it is, and step in to buy the fear. After nearly 9 years of the bull market, I can imagine it will be easier said than done.

It looks to me like the tax bill could drag on for a few more weeks, especially if they decide to spend an unnecessary amount of time debating amendments to the bill. I'm hoping gold will drop a bit and get everyone bearish again, so it will set up to at least be a good swing trade to the long side.