Market staged a huge reversal in futures overnight and the open (so far) has been strong. If SPY can close 1%+ it will undo most of the damage for yesterday. As everyone knows oil is a big driver and quite honestly I will be happy to see more of a disconnect between oil and equities as we are seeing a huge amount of chop.
The channels are still intact and my retest of lows scenario less likely now.
I'm long but modestly so via SPY 185 Feb 5 calls. Will be looking to position more aggressively short if and when we rise up further.