Equities gave up everything they made yesterday, and then some. How much of this is option related remains to be seen, but it certainly isn't fundementals driving this kind of action.

Our TNR model was calling for a reversion day today, but instead we got a mirror image of yesterday's action with some churning in the morning and a trend down all afternoon. We hit our money management stop on ES twice, with one win in the AM for a net of -$621.00, and NQ had 1 losing trade and two winners showing a net -$144.00

TNR is again pointing to reversion for tomorrow in both ES and NQ.

We exited our long HO position at the close today - so we are out of the energy complex entirely. Here are the trend following positions:

Contract	ctrcts	Open P/L	days on		Contract	ctrcts	Open P/L	days on
@US.P	0	$0	0		@NG.P	0	$0	0
@TY.P	0	$0	0		@KC.P	0	$0	0
@FV.P	0	$0	0		@SB.P	3	$3,126	19
@EC.P	0	$0	0		@CT.P	0	$0	0
@JY.P	-1	$3,088	18		@GC.P	3	$3,550	30
@CD.P	2	$3,040	48		@SI.P	0	$0	0
@C.P	-4	$4,350	47		@HG.P	2	$18,100	98
@W.P	0	$0	0		@LB.P	0	$0	0
@S.P	0	$0	0		@ES	0	$0	0
@CL.P	0	$0	0		@NQ	0	$0	0
@HO.P	1	$6,100	78		@YM	0	$0	0
			Total		$41,354

Good luck and good night!