Modest positions here with our normal fare:  4% into TNA and 3% into SPY 103 (July) calls.  My upside target is 1040 where I will sell.  But thus far this has the potential to be a nice reversal day as we had a bout of panic in the morning, are well off the lows and if we close at highs of the days technicians will really like this day.  So 1040 could just be stop #1.  If we break over that level I'll probably buy back the same type of positions and then move the mental stop loss from 1020 to 1040.  We could rally all the way to the 200 day moving average without changing the intermediate outlook which is negative.  As I said this morning we are just very extended to the downside and that is prone to snap back rallies.  S&P 1019 or so will have me out of these stakes with losses, simple enough.