Entering/Adding Positions

This looks like a pretty low risk/high probability area to either enter positions or add to positions, I would still try to maintain some dry powder and not swing for the fences as of yet.

Here's why...

 Just based on technical levels, the test and failure of resistance at the major Head and Shoulders neckline this morning is a negative market event, it also gives you a nearby stop to lessen any risk from a risk management position.

 Here's the daily chart and as with 90% (or more) of initially broken tops, there's almost always a retest of the neckline, that failed thus far this morning.

Here's the larger top pattern.

As I mentioned, the probabilities look good here and the risk is not too bad as a stop can be put above today's highs.

I still prefer a directional trade using rather then stock picking at this time, once a trend establishes, then we will see more sector rotation and stock picking may outperform, but for now, I prefer the broad coverage of several inverse ETFs.