Call a spade a spade, my forecast was wrong. Economic conditions are continuing to deteriorate, but the market did not decline on the news. For weeks, I have been getting short and the entry price on those puts was good. The positions were making decent money, but I felt the best had yet to come. Yesterday’s rally stripped away those profits, but at least my losses were contained. I was confident in my forecast and my positions were large. China's PMI did not drop below 50, but it did come in below expectations at 51.7 (52 was the consensus estimate).