The put/call ratio is oversold after yesterday's big drop.
Bearishness rules again judging by the most read news stories on Marketwatch.com
Also, given that the market topped during lunch time on Friday, I do not think the market is going to continue down from here over the short term. I think there will be good opportunities to go short for the intermediate term at higher prices.
This is why I will try to go long today as part of my short term trading strategy. I will only do it after a decent pull back, preferably below yesterday's close.
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