Should I Hedge?

FXP is one inverse ETF on China, if the gap fills this a.m.  I would consider trimming down or cutting that position as the news prompting today's gap is related to the Chinese revaluing their currency.

As for other charts, I feel the same as last night, that it will be hard to say until we see a close and follow through, but if you feel the need to hedge out positions now, then you can use any of the Direxion 3X Bull:

TNA
BGU
FAS
SOXL
CZM

In this maneuver I would pull it off in pieces, maybe 25% at a time, but I would also wait a bit and see if the gap is filled, that would be the ideal time to make the switch. Then I would do the same tomorrow, another 25% toward the close if it looks like we are getting a bull move (close up today with volume and follow through tomorrow).

Otherwise, if you can wait it out until Tuesday, that would be my first choice, but you have to decide what is right for you and a 3x leveraged ETF is the quickest way to hedge.

This is why we are at 50% max short positions and no higher, not until the market proves itself. It leaves enough cash to hedge out your shorts.

I'll be updating around 11-12, whenever I see 3C's direction, which right now (as I said on TG last night) shows what appeared to be a gap up followed by weakness in the 10 min chart which could be today, but more likely to be in a day or two.