http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=3&dy=0&id=p88572661534&a=214966864

Seizing the opportunity to turn good news into bad news, traders jumped on the upwards price spike caused by the news that Spanish banks would get a 125 B (billion) B (bailout) and instead created very negative technical situation.  What they do is judge when a wave has passed to moderately oversold or overbought and then hammer it.  The price spike gave them an ideal opportunity.

As a response we put some of our hedges back on.  Long term investors probably have no reason to be concerned.  This is just snakes biting each other.

We have looked at the bottom of the downwave which might have tripped our stop if we had believed it.  As a response we are going to a larger percentage off the Basing Point low.  Having been made a little paranoid by recent activity we’ll just keep the numbers close to the vest for awhile.