The uptrend is broken. We are going back to the lows! LEH rumors are starting to sound like Bear Stearns and 16,000 $22 puts have traded at 1:30PM EST. News is level 3 assets have increased at an exorbitant rate over the past week. Home sales are not looking any better and inflation is ramping along with soon to be unemployment. This recent rally occurred while passing off bad news. I wouldn't be suprised to go right through the March lows. VIX at $20. The fun is just beginning. Wait until we hear travel is down X% over the long weekend.
Not so fast Mr. Dodge. Not so fast. While the markets maybe down they are supported by the 50 day moving averages and if they bounce from here, they will take out the 200 day quickly and that will be the end of your trading career for this year. All your shorts will melt like ice cubes on a hot summer day. The market is oversold on all major indexes, it will be suicidal to short an oversold market sitting on its 50 day. I am 100 % cash so you can't push anything up mine. I will wait for another chance and do you some good....