With the market ripe for a massive pullback, expect selloffs at the very least as we head into an enormously overbought three-day weekend. Puts are the play for us today.

Pullbacks are short-term dips of 5% to 10% from a recent market high that last a month on average and take another month to retrace the losses. Pullbacks are frequently caused by news events that turn out to be of fleeting importance.

Photo: Unlike his contemporaries George Washington, Thomas Jefferson and John Adams, Benjamin Franklin never held the office of the presidency. He was the governor of Pennsylvania, the first United States ambassador to France and Sweden and the first ever United States Postmaster General.