Well, the market has spoken.
The selling has begun. This is not the time to assume buying the dips will work. I would not get get long unless you intend to play the oversold bounce likely coming next week. Friday, I closed the TZA and started a TNA position just for the volatility bounce play.
My longs have been trimmed to about 10% of the portfolio holdings. The 50 week moving average on the SPY needs a visit. I hope we get there.
If the market puts in a bottom as evidenced by a low in the SPY holding firmly with high volume buying, I will put more cash to work on the long side. Until then I will stay mostly on the sidelines.