Another day and another 1000 point gap for the Dow and today it's a gap up. The futures had a major turnaround overnight, and the VIX has eased a bit but is still at crazy high levels. We may (and I stress may) be seeing the beginning of a capitulation process, but I think that we are far from out of the woods here. My focus today will likely be on day trades, but if a few key large cap names hit some resistance levels and the SPY does the same, I may be interested in some buy to open put trades. I will be watching the SPY as well as FB, AAPL, NFLX, and RCL for potential short setups and will use puts for any trade if I take one.