After forming an island reversal last week, complete with a massive bearish engulfing candle off of all time highs, the break below the trend line support and 20dsma seemed fitting. Today's action was bearish , as volumes were subdued relative to recent down days. This suggest that few participants are eager to defend prices in a significant way and bid the market higher, so it seems bears have taken control of this market. I'm a seller, especially specific names heavily weighted in the index. I closed TWTR short today after huge success, added to NFLX short, initiated ADBE and FDX short, stood still on my TSLA short, and opened a deep OTM FB long put after noticing unusually high volume at the April 115/120 strikes (several spreads, buying the 120's and selling 115's and massive volume relative to open interest). I also took a flyer on ORCL , buying April calls for a bounce, as this selloff seems overdone.

Bottom line... Watch out below!
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