Market plans short term and XLF Follow Up...

FAZ (3x short Financials) remains one of my favorite core short positions and as posted earlier this week, a pullback to the $15.50 area would be an extremely enticing entry for a new position or an add-to an existing position that is not filled out.

I haven't given up on last Friday's Week Ahead forecast for a market correction based on the deeply oversold breadth conditions and have entered IWM calls and now XLF calls in anticipation of such a move which I think has to get moving today.

The plan for any such move is to set price alerts for the best looking short set-ups and to use any corrective bounce as a tactical entry. In the very short term, there's not much to do as far as trades beyond these kinds of speculative, leveraged positions (IWM/XLF calls) as far as actionable trades, however, my time is very well spent right now, marking price alerts on those watchlist shorts that still haven't given us the right entry, that's what I'll be doing most of the day as I keep an eye on the market as well so once this corrective move gets a little steam and starts triggering those alerts, these new larger core short positions can be entered at the best price and lowest risk, that's really the next major trade pivot, so preparing for that now is essential (price alerts for the watchlist components that have the best looking trade probabilities).

As for XLF...

 Intraday (1 min), you might get a slightly better entry,  but I cannot emphasize enough that this is a speculative position size, the market is simply too dangerous to go with anything beyond a speculative position here.

 The late day improvement from yesterday carried over this morning, these shorter term charts being like a fuse to light the larger divergence.