Since the market started to crack in early August and the $IWM broke the key $120 support level, all that blurry writing on the wall started to reveal itself.  I've been staying with the trend in the market over the last five years.  The trend was up and with every Central bank in the world gleefully supporting it going short the market was a recipe for utter disaster.

Last month I said if the market was going to break to the downside, there will be plenty of opportunity to trade it.  But we need to wait for confirmation first.   Where are stocks headed in the short to medium term?  Are we going to see another market crash?

Patience.

It sounds simple enough.  But for most of us, it isn't.  Ever have that driver pull out of a parking lot in front of you like he's driving to an emergency (of course there was no one behind you, he could have waited for you to pass but had to cut you off instead) ... and then proceed to drive down the road in front of you slow enough to make you think he has a flat tire?  Does this just happen to me?  You sit there behind the wheel  wondering if the only rush he was in was to get in front of you to slow you down. -  Or at the checkout line.  The customer in front of me invariably always has something going on.  Just buy the stinking thing and get out of my way.....  but it never seems to work that way.

Patience.

Is it easy to accept delay without getting upset or angry?  Hell no!

Patience and trading stock options go hand in hand.  Is it easy watching your trade erode as the timer is ticking toward option expiration?  Hell No!

It's a heck of a lot easier to see things after they happen.  You know.... hind sight is always 20-20.  Just like this stock market, the unabated rise of Biotech was met every step of the way with the Bubble talk.

The Federal Reserve was even talking about it last year at prices much lower than it closed at on Friday - as I noted earlier this past week on twitter.

Bacon anyone?  

Trendlines Matter...........finally

As we try and navigate this mess of a market in 2015, I think its important to look at some charts of former market leaders.  You would hope when one falls, another steps up to takes its place.  And that has been the case for some of 2015.  But I am seeing more and more charts succumb to this market correction, which I believe means lower prices lie ahead.