Another wild and unclear day for the short term picture. Right out of the gate this morning the market fell sharply and everything looked to be going as planned. But then it spent the rest of the day rallying. Again, making things a bit unclear in the short term. With all this choppiness and lack of clarity, it tells me we are in the middle of some type of correction. The bottom line is that the larger trend is still down until 740 in the S&P is broken. So I will use rallies as an opportunity to add to my short positions. Ultimately, 943 in the S&P should not be even close to being tested before 740 is breached.
Bottom line: with short term structure unclear, but larger trend remaining down, I'm shorting rallies until 740 is broken.
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