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Buy Puts. FOMC Minutes Will Be Hawkish - No QE3. Late Day Selling Is Bearish.

May 16
Yesterday, stocks tried to rally throughout the day but a late round of selling pushed the market down to new relative lows. The SPY is below the 100-Day MA and bears have the ball. Asset Managers will not aggressively bid for stocks in times of uncertainty. Greece is going to institute a "caretaker" government until the elections in June. Current politicians have been unable to form a coalition and if the leftist candidate is elected, he will reject austerity agreements with the IMF/ECB/EU. That will send the country into immediate default. Interest rates in Spain touched 6.5% today. They have…
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