My braoder market view still holds, see the long term weekly chart in the S & P 500 tracker above. While there is some room for the overall market to move higher, I suspect not much. The dramtic fall in oil has caught me off guard and so I am very cautious in this market. A safer play would be to short the oil and commodity stocks on a bounce. I do feel that the energy stocks have moved down too quickly and playing a bounce long might be worthwhile. The OIH (oil services index) seems to have found some support at 124 and a throwback to the breakdown point is common. In this case that would take the OIH back up to 130 which is the ideal point to enter shorts. 
I like CVX for a bounce play because there is a gap that needs to be filled and you will have a tough time finding an unfilled gap in CVX. 
Also, my opinion of TIE still stands, if you went short last week above 25 you are in a great position in my opinion. As far as CME, the gap caught me by surpise as I'm sure it did many. While the recent action in the broker/dealer sector (see ICE, BOT, ISE) does have me concerned I plan on holding my CME puts at least a little longer.disclosure: I hold CVX oct 65 calls and CME oct 440 puts
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