Agnostic

Feels like the easy money has been made on the short side. It may get a bit more complicated from here (in the short term anyway). I could make the case for a rally or another 300 DOW points of downside. I'm sort of agnostic. I'll try to stick with my shorts that are working but I want to be less aggressive on a Friday. My watch list is thin today. Two words: capital preservation.

Again, rally or no, there isn't much I want to buy here.

However, at some point here in the near future, I think silver is going to go nuts to the upside. It's marking time here. I feel no immediate urgency to add to my position but somewhere in this neighborhood is where I want to do so. The point is not to get too cute trying to buy at just the right time. Maybe I'll scale into some more SLV starting today. Maybe not. Just know that at some point the SLV is going to $200. I really want to be on that train in a big way. I've been waiting a long time for this breakout.

I remain short financials. Again, as we have observed previously, the market correction over the last couple days was led by financials. This has happened repeatedly. They are acting as a tell on the market as a whole. Continue to watch them.