Portfolio Action

Just so my thinking is clear to you, most of entered short at much better levels, taking 1/2 off the table now locks in those profits. If the worst happened and the market just rallied from here, I can close my other half at cost and still have a profitable trade. If on the other hand we just get a knee jerk reaction higher, I can re-short upon the first negative divergences in the knee jerk rally. If we move straight down, I still have short positions to profit from. It's almost a no lose scenario.

That all being said, it looks to me the most likely path is a knee jerk move up followed by new lows that are accumulated, followed by a decent upside rally that may be trending. That has been my take and remains my take.

Now, in 30 minutes I have to do something I hate, turn on CNBC.