Buy This Dip? Not so fast

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.

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