<<<There are a lot of people wishin’ and hopin” the bull will resume and maybe it will. But me thinks those proclaiming the recent bounce and celebrating a new bull market (six days old) are the same stock holders from the past three years hoping the market climbs enough to break them even and let them out.>>>
The only winning strategy at this point is exit Long and to reverse and go short any and all rallies, probably any gap UP openings. I remain long two defense stocks (RTN & LHX) and two energy names (RDS.A & PSX) and lots of cash. I made an attempt to short today with S&P hit 2519 intraday but instead of market orders on the puts I got cute and put limit orders in that never fills and market headed down and never looked back. If tonight's strength on GLOBEX holds up into tomorrow's open, I plan to follow this strategy and go short in a big way via May index puts. I am seeing 2400, bounce, then straight down to 2000 as a possible path. 1700-1800 is not out of the question.