All bearish bets are off as long as the S&P closes above its 50-day moving average.

That was modest accumulation for Tuesday. Nothing to change our bear bias, but enough to take away some conviction.

Position in XLF is now closed. This hit the initial target just below the 200-day MA. So it’s hardly a loss. First target is as conservative as the stop.

Option position in USO with March 20 Calls roared today. Just what we wanted. But no point counting profits until we’re out.