Don't forget MER has earnings this coming week as well. Based on what BSC and LEH earnings looked like this could bring more downside.
I agree. Based on the charts I was showing in other threads the SPY finally broke it's short term uptrend today. I went in with some 140 strike June puts. I am looking for it to head down to about 131 over the next couple of days at which point I will get out and look for some retracement. I will look at getting back in with Puts as the retracement completes or with calls if it goes back up enough to break the downtrend around 137ish (depending on time frame). Unfortunately I was placing the trade today from my day job and as I was entering the trade my boss walked up and started talking to me about an upcoming move so I entered a tad late and gave up about 30 cents. At least I got in early enough to catch most of today's move though.