Unfortunately, what's been happening in this particular environment, instead of this climatic surge in negative sentiment, it's getting more negative in a slow bleed kind of way. That's one of the things that quite frankly concerns us. There is negative sentiment out there, but it's no longer a slam-dunk to say that because sentiment is negative we're going to bottom. These safe haven sectors are going to have their day to get it across the head, simply because there's going to be no place to hide before we hit a bottom. I would remain clear of technology.
Price action is horrible.
People buying calls expecting a rally, and a lot of call selling against stock positions people don't want to sell, which provides them only limited downside protection. The drug sector has been one where there's been a decent level of put activity, although it's run into bumps this year. Overall, I'm not seeing a heck of a lot in the way of opportunity. The Fed is cutting rates, let me get into banks or brokers. That gives me a feeling of deja vu with what happened last year in the tech sector.