Mid-day of a bloodbath

Mid-day: Dow Jones -279, Nas -75, S&P 500 -32.

This is a horror flick that won't end if you're still long. All things considered, at the prices of the real leaders like Apple, 240 is a good price. If the market collapses even more, 240 is reachable in short time for AAPL after the correction is over. I wouldn't re-enter my favorite stock yet, though. AAPL is down 8.14 (-3.3%) to 240. Low was 238.05.

Another bursting balloon is BIDU, down 3.1% to 67.93.

What's working today are the inverse ETFs, of course. FAZ is at 16.23 (+8.6%) and not far off its high of 16.50).

The Wild Card, Joker, Steroid Beast known as VXX is back up to 33.48 (+12.3%), though off its high of 35.00. I lost money somehow trading it this morning, turning sensible profits into dumbass losses. But I digress.

FXP is up 6% to 47.75. So much for that bounce by FXI yesterday. China continues to sink deeper into correction.

QID up 5.9% to 44.70. It trades most times exactly opposite of AAPL.

SCO up 8.4% to 17.48; USO (US Oil) is down 4.2% to 32.08.

Financials nosediving in general. C is down 4.2% to 3.65. GS down 2.2% to 137.01. IRE down 17% to 5.77, STD is -4.6% (10.34) and NBG down 4.6% to 2.51. I didn't get into FAZ premarket because of yesterday's strong performance by financials. Apparently, yesterday was bullshit.

SKF (+6.5%), SDS (5.6%), TZA (+12.8%) and even sexy oldster TMF (+5.5%) are tearing it up.

Used to be a time when going short the market on horrific days was not really part of the mindset. Now, things are different. At the least, it's good to hedge. If I were still long AAPL, I'd hedge with QID or VXX. Takes much of the pain away.

FXE is down fractionally (0.23%) to 123.19. EUO is up a bit (0.41%).

Gold? GLD is down just 0.19% to 116.43.