Is it Time To Cover All Shorts?

Not by my measures. We'll have to see the NYMO numbers tonight first, but so far I don't see what I'd like to see for any kind of a bottom, short term counter trend rallies notwithstanding. The problem? NYMO is likely confirming what looks to be closing lows for today (save a sharp reversal), so that we don't have even the beginnings of a divergent set up....yet. But the close is still several hours away, and in today's market, that can seem like an eternity.

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=4&dy=0&i=p65219002526&a=183933418&r=645.png

http://stockcharts.com/c-sc/sc?s=$NYMO&p=D&yr=0&mn=4&dy=0&i=p26815617202&a=199263752&r=143.png\

Just my thoughts. Good trading, D

some are going to be very very surprised at the persistence of the decline, especially those looking for new highs

some are going to be very very surprised at the persistence of the decline, especially those looking for new highs

Right and those that are holding from the 1200+ buy, buy, buy rally......and for that matter anybody that bought after 1150, well underwater and counting.

GS.