S&P Ready to break down?

Markets started the day in positive territory today and Popped in the early morning only to start selling off slowly after 12pm. Markets drifted lower till about 3pm when the pressure selling came in and the S&P and Nasdaq ended in Tha Red!

BP ended down almost 16% after selling off all day on news that the oil continues to spill and pre-mature speculation talk of bankruptcy on Wall Street. BP's stock price has not been this low since 1996. A combination the negativity in BP and the Euro is probably what caused the late day sell off.

The SPY (S&P ETF) has bounced off the February lows about 3 times already and continues to hit into the descending trendline above. The SPY looks as if it wants to break down further. If it breaks through this Feb support line, watch out below! Se jodio la cosa!

SPY Daily Chart:




I currently have 2 positions open at the moment. I bought some $VXX July 35 calls (which I am currently negative on) and I rebought some GLD (Gold) July 125 calls today. If the Market decides to continue its descent (Which I think it is), These should put me into the green!

Pa Trrrrrraaas...