Friday looked like a bear trap and I covered just a little early Friday afternoon. I wanted to have a some room to short some more if we get a market bounce Monday / Tuesday but I am ready to add it back on. Just a portfolio flexibility thing. The thinking was that we have zero economic news on Monday and the only chatter was going to be about the Fed meeting on Tuesday. Looking for a bounce up to 1130/1150 and the market is done. The possible thesis anyway but not married to that idea and we could be done right here and now. The Hewlett Packard news Friday after the bell throws a wrench into everything. Not that it means anything fundamental to anyone besides HP but it is the outside event that can mess with sentiment on the margin. Remember the Goldman SEC suit in late April? Basically marked the top for the market.
Everything in me tells me the market is getting ready to roll over in a major way. A mix of fundamental stuff, technical stuff, and gut instinct watching the market for years. I could be very wrong but I feel like we are on a tipping point where within the next two weeks the next major leg down will begin.