I presume many shorted as the market gapped up this morning. Obviously things did not work out for those holding on to their shorts too long. My question is what was the "correct" way of playing the short side this morning. There are probably many ways but what did you guys use? What works in general? Price stop-loss? Stop-and-reverse? Exit if the trade was not profitable after first few minutes (timed stop-loss)? Gut feeling stop-loss?