Portfolio Positioning

As you can see below, the SPY which as of yesterday's close was holding up the best, has seen some major damage done to the 15 min chart, which is an important reversal timeframe.

We may get even more distribution, it's difficult to say, but a lot of damage was done today as you can see a leading negative divergence today that wasn't there yesterday.

As for portfolio, today seems to be a good day to be adding those positions you want. I am willing to take more risk on this leg then I was on the last leg up that is ending now. Why? Because I feel there's a good chance we make a new low below the August low and if I'm correct, we'll see on heck of a rally after that like we haven't seen in a long time. For now though, I am filling out positions in the ETFs discussed earlier. While Monday may offer another day to add to these positions, I don't want to take the chance. Some of you may feel more comfortable waiting for the weekend to pass, to that I say, that's fine too, you can still add even if the market starts down on Monday as we should have nearly a week of downside.