It's Tuesday, Let's Sell

The market is getting beat like a drum in early trading. Still net long and not real concerned by this weakness. Not unexpected that we would gravitate back towards 1292 on the S&P. Financials are weak but I think this is consolidation still, leading to the inevitable rollover, but not quite yet. I expect maybe one more bounce. Without it this market will unravel faster than your broker's cheap suit.

Shorted a couple of the walking dead financials, WB and LEH. They look to be some of the first to rollover.

The key to being long here is to not to get too aggressive. All of this volatility is, in my mind, a sign of instability. I certainly don't want to be leaning too far in either direction.