I urge all of you not to max out shorts right here, this has squeeze written all over it, wait for a bounce. Even the slightest bit of good news is going to be a 500 pt up day in the Dow. A sharp bounce will come, and that is where you should sell with both hands, especially if the commercials jump off the long side on that bounce.
This is hard to predict when the ranges are this wide, but I have seen too many people cleaned out getting emotional at just the wrong time. I would grant all of you that the trend is now down, but short retracements, not new lows in the indices or individual stocks or ETF’s. I will be exiting my longs on the bounce when it occurs, which are barely ahead now at this point as a whole.
