http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p76542086636&a=266398464

Or, perhaps, cat on a hot tin roof.  Cat alive?  Cat dead?  Each day is a new day  as a Bhuddist monk told us once at Tasajara.

We had no sooner hedged everything when the cat screamed off the bottom.  The essence of our practice is to trade in the moment.  And at the moment it looks like a V bottom.  But here’s the thing!:  If you’re wrong you just correct it and stay on the right side of the trend.  If you buy a falling knife you get out and try again.  So we closed our hedge and are going long again.  (Scaling in.)

This may make our long term readers sea sick but it’s what the market says right now.  You’ll hear from us if we think the downwave is going to continue.