and watch from the sidelines for a while.
So, does this mean that the current pullback will morph into something serious? No, absolutely not. We should keep in mind that the extent of the current decline is still about average. However, history shows that if it does become “serious” we might not want to take it lightly.
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Already on the sidelines (lightly short) and getting ready to become very short. This market is going much lower. Look at the currency trade - the $ and the Yen are strengthening (these are safe haven currencies) while the Euro and commodity (risk currencies) are heading lower. This could turn around but until it does I am skewed to the short side of things. This is what the hedge funds trade to leverage up their positions - it is agood "tell".