Everybody Just Say the Word, Oh, Ches-Ches-Chesapeake

Serious selling (and halts) in Chesapeake Energy today, along with more glaring weakness in the European Deutsche Bank, caught many headlines today. 

It is interesting to see the likes of COP SLB XOM in the energy patch holding green here, perhaps a sign that the energy selling is close to abating. 

However, calling a bottom to this market has been a futile effort this year, with a powerful downtrend perhaps sucking in more longs to eventually scare them out if we see some bonafide panicky downside action anytime soon. 

We sold out of an SRS position (ultra-short the IYR sector) earlier in the session and will likely stay very light if not flat overnight, which is a powerful position in this market environment. 

As we head into the bell, I see dip-buyers are giving it another shot at stabilizing this market. Whether or not they are simply prolonging the inevitable remans a viable topic of discussion, which I will delve into for Members after the bell.