it's an etf, of course, ewj.ically, you know, with basically down and up and then down and up, we know we have something of a down trend line. and so, the issue is, are we going to falter here yet again and go down two or even through the lows? that's my bad. that's a long-term chart. here again is the same thing on a one-year basis, which is what we've just studied here. so, the presumption is that we are precariously close to hovering at well-defined lows at a common level and that we're going to break those lows. you can call it head and shoulders, you can just call it a big, rounding top, but that's not a good setup. and more often than not, it's resolved lower, not higher. so, we want to be short the ewj. and just for what it's worth, to conclude, here's the yen. obviously, the yen's strength is a lot of reason for this, but this is a clear break in trend, and we think the yen, too, strengthens more, or on the chart, moves lower. >> all right, we've got breaks in trend all over the place, mike. how are you t

ewj was up. not up huge. it puts it slightly in the money. you know, i'm ready to hear what carter has to say. this was a tough week. let's face it. to be short any type of risk asset. there was apparently a lot of bad news built in with financials and the whole market has been a buyer ever since those news came out. i'm ready to hear what carter has to say. >> what's interesting about this is the nikkei was up almost twice as much, which you have the currency issue and the market. we don't have that problem, but either way, this is a bludgeoning. now the question is whether we have enough time to say. i don't think it's going go much further. we don't think stocks will go much further, but if you're short-term, take the loss on and move on. >> coming up next, your tweets and final call from the options pits. what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data you need in one place and lets you visualize that information for any options series. okay, cool. hang on a second. you can

how are you trading japan. >> obviously we have to use ewj.is one of those situations where i also do think we can get something like we have in the banks. it can break both ways and ewj is not a hedged etf so it's very sensitive to movements in the yen so if you're going to make a directional play on this you have to be aware of that. looking resimply at the june 12 put spread. this is interesting because with the underlying, with ewj at 1135 when i was looking at this. you can buy the put spread for just over 50 cents. pay 77 for the june 12 puts and sell the june 11 and paying 51 cents for that spread. the reason that's interesting is because you notice this put spread is already 67 cents in the money at that price, okay, so basically if it stayed right here you're actually going to make money so time is on your side. 50 cents is a max risk on this trade and if you sit here it goes lower and it's going to be profitable. >> here's the thing. may not achieve the goal. have a high probability of small success, right, and then you have the pote

etf, ewj.ally down and up, then down and up, we know we have something of a downtrend line. so the issue is are we going to falter here yet again and go down to or through the lows? that's my bad and let's look at long-term charts. here again is the same thing on a one-year basis which is what we've studied here and the presumption is that we're precariously close to hovering at well-defined lows at a common level and are we going to break those levels. head and shoulders or a big rounding top and that's not a good setup and more often than not it's reserved lower and not higher. here's the yen. obviously the yen's strength is a lot of the reason for this, but this is a clear break in trend and we think the yen, too, strengthens more or on the chart or moves lower. >> all right. we have breaks in trends all over the place. how you are trading japan? >> obviously we have to use ewj. this is one of those situations where i also do think we can get something like we have in the banks. it can break

i mean, ewj was up. i mean, it wasn't up huge.s trade is actually still -- that put spread is still slightly in the money. given up half the value of the premium that we spent on this thing. i'm ready to hear what carter has to say. this was a tough week, let's face it, to be short any type of risk asset. there was apparently a lot of bad news built in with financials and the whole market is basically been a buyer are since those news came out so i'm ready to hear what carter has to shay. mime inclination though is to stay with it. >> what's interesting is the nikkei was up almost twice as much which means you have the currency issue and the market and we don't have that problem, but either way, this is -- this is a bludgeoning and we've got our heads blown off here. now the question is whether we have enough time to stay. i don't think it's going to go much further. i don't think stocks in general will go much further but if you're short term you've got to take your loss and move on. >> coming up next, your tweets and the final c