Two big earnings disappointments in addition to negative sentiment is going to send this market down for the next couple days. You can put down the charts and look at your screen and see that companies are being very cautious in their guidance for the first quarter. Combine caution with earnings disappointments in Intel (INTC) and Yahoo (YHOO) and you have an overall pullback. Google drops with Yahoo, Apple drops with any big tech, and the overall market follows the oil which is rising. Conditions just right for an adjustment. Two ways to play this. Buy some puts in the SPX. If you have some Leap calls in tech stocks go ahead and sell some Jan Calls. I was afraid of this and put my money into the exchanges like ISE, TRAD, and OXPS. As long as people are trading it doesn’t matter what direction. I will also be selling some calls in Apple, Google, and Dell. Stocks trade on their own merit but put too many negatives together and they can drag everyone down. Make some money on the down side. It spends just the same.