Watch out below!

Wow, impressive downmove overnight, and a continuation of the slow but steady downslope throughout today's session. Indices dived another +3%, bringing us near the August lows for Dow, S&P and Russell. Only tech is still far from those lows, about 6-7%.
A short-lived spike up on news of bank recapitalization in Europe didn't help much, bears were just too strong at that moment. But in the last half hour, bulls managed a rally towards today's opening level.

I expect the August lows to hold for this week, but I'm definitely not betting the farm on that! Any unexpected news can send us down another 3-4% tomorrow.

Precious metals got hit hard, silver & copper down 9% intraday, but gold rather strong (compared with the other metals), down 'only' 2.5%.

Charts for DIA and QQQ below, DIA-chart acting according to expectations. It gives us a possible target of 94. But what will QQQ do, still in the flag here?

Trades
Unfortunately, with the FOMC-meeting yesterday, I didn't act like planned and I haven't peeled of any SPY's yet. Too bad, cause it would have made for a great winner. Still feeling to insecure in this market environment.
I did short an out of the money ES future option put. As long as S&P-futures keep above 1100, I'll keep the option premium.