It's partly in response to today, but mostly in response to what I see as a snowball of assorted (mainly negative) shit rolling our way. If we were in foxholes together, I'd be the one telling everyone I had a very bad feeling tonight. Usually, I'd brush off a bearish article (or a bullish one, for that matter; they're a dime a dozen) like this: http://seekingalpha.com/article/80438-preparing-for-the-fall?source=headline1 ...but for whatever reason, it really freaked me out to read it. I can't find myself disagreeing with his premise. At any rate, I'm hedging, hedging, hedging, and buying some gld, too. I'll be closing out many of my long positions that are too expensive to hedge against. It will be a mistake if we've formed a bottom, but I don't think we have, and I'd never forgive myself for not acting on my cumulative intuition this time if it all comes to pass. This is not premonition. It's a feeling based on my observation that there is way too much complacency given some very serious shit hitting the fan in economic and geopolitical terms right now. A 3% drop on the indices today is nothing compared to what I fear is around the corner. I'm not averaging down, and I'm not buying these dips. Good luck, whether you're long or short.