With all the bad news hitting the news wires the U.S. market actually held in better than I thought it would. With only 20 minutes until the close and assuming no mad push by the bulls this will be the 3^rd day in row down for the U.S.

With that said I’m looking for a bounce tomorrow in U.S. markets and one way to consider playing the bounce is to buy options in the SPDR S&P 500 (SPY, quote).

Bottom Line: Those who believe we are due for a bounce can consider buying the September Quarterly 143.50 just out of the money calls for $0.54.  This as pure trade with only 2 days left of life in these options.  If we do NOT get a bounce with in the first hour of trading the trade is over and bail.