Another day and another day of lower lows with strong volume. The S&P 500 futures continues its decline as there is just no buying since 5/11 or just a six sessions ago. This has been an unprecedented decline that lacks chart pattern. This move is a sea change of opinion as to the value of the market allegedly due to interest rate concerns. It really doesn't matter why as much as it matters what to do next. The trade basis is being long an oversold market and that dynamic remains in tact. Current breakeven is 1298 on the S&P futures, we will look to add another position at 1262 - 1265 should we get there.  This will bring breakeven down to 1289.  It's necessary to be patient and take what the market gives you. When this market finds support, it will be a bit more easy to operate, but this position will take some time to work off. Stay tuned.....