If you cannot remove your worst enemy in trading, directional bias, you cannot trade price properly. Should make no difference if Dow is at 15000 20000 or 1000, if price says go long, you go long, if it says short, then short. Your economic opinions do not matter one bit either, because as you have heard many times, the market can remain irrational for extended periods of time, so why try to conceptually analyze it, it's dangerous and will end hurting you. I've seen downtrends develop from good news, I've seen price collapse when Fed had been pumping, there's really no timely way to analyze this, unless, you stick to price and volume. I believe such bias is the common denominator among those struggling in this business. Sounds like a big cliche but if you traded long enough you know how key all this is.