We are not there yet :-(. We don't think 700 will hold. Although, we are looking a temporary respite bottom around the 680 level tomorrow/dayafter. We may get a 10% deadcat bounce (vicious?) into Mar11th. But we believe the final bottom will be around the Mar 15th-27th.
As for us, we are happy with our XOM March 60 puts, we took > 200% on a few of them and let the others ride. We fully expect XOM to reach 60 or thereof.
If one is not already short, it is best to sit on ones hands. It is now only a matter of time and patience is the key. This is a golden opportunity where good dividend paying stocks like COP (conocco-phillips) etc. are reaching their long term monthly support trends. The trader sentiment is very bearish and we are beginning to feel the crowding on the short side.
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