Update 2

Here's a few stocks that are in pretty good short position right now

WLT
GS
JOE

Looking through the charts, I'm seeing-as of now- a lot of star formations, a loss of momentum to the downside and a higher probability reversal formation. What this means is that we may very well see more upside so any short trades should be phased into in case you get better positioning at higher prices.

One event that I expected to take place and didn't was a false up side breakout from the wedge, it would be very scary for anyone short, but be very helpful to fuel downside momentum. If we close like we look right now, I would expect more upside, just go back to that chart of 2008 though an look how the market reacted during a breakdown that created a 50% sell-off, like I told you, they are really going to try to scare you into believing that the rally is alive and this was a momentary blip to the downside, this is not true. We will see, for now though that is what I see and going into Friday it would benefit Wall Street greatly to have a strong close for the weekend to suck in the bulls on Monday. Again, study the 2008 crack from the wedge, we had a week of nothing but rally, but it was just a distraction, a trap, the scare tactics I'm talking about. Look at the past, put yourself there emotionally, then you will better understand all that is happening. I am not phased in the slightest even if we made new highs in the market, this market is in huge trouble, but Wall Street will play its games. Use Jedi focus, meditate, stop watching the chart, whatever you have to do, just don't let them hit your emotions and cause you to react out of emotion-that's the game right now.