Last week the market continued lower despite being deeply oversold, putting one of our Calendar Options positions in adjustment territory for the second time. It’s been a wild ride for EEM: After a decline of more than $3 Wednesday, the ETF dropped another $1.50 in early trade Thursday morning, to a low of $127.92, then rallied back above $130 before retreating again with the rest of the market.

IYR fared better last week. Even though the real-estate ETF fell along with almost everything else, we still were showing a profit of about 8%. If support in the $59 area fails, we’ll probably hit an adjustment trigger before IYR consolidates or rebounds. Tuesday morning’s pending home sales data will likely be the catalyst for any major move, up or down. But it’s EEM that we need to keep our …