Not much movement in the currencies today, something of a Mexican standoff: everyone's got their guns drawn, waiting for someone else to make a move. That won't last long.

There's nothing to do today, just plan for the setup. The equity markets will recover from this spike, but to what level? China will find a floor, but where? I like DXD here a lot. That's the free space on the bingo card. SPY will not make it all the way to 146 anytime soon. Where it reverses below that is the setup, that will determine the controlling EMA for the downtrend.

Not all stocks will fall. In fact, I'm playing this panic as a re-entry to China using FXI. FXI hit a low of 94 yesterday, and that's where I'll take my 1st position, but I expect to load up fully around 88.

I remain short on MDY. Long € and short USDJPY.