Wow

Today the market did not distinguish between stocks. Everything was down. The scary part is that the VIX is still below 26. During the last Bear Market the VIX would get over 4o before the market would have a good rally. I don't want to imagine where we would need to go for that to happen. If I wanted to look for a glimmer of hope it is that there was heavy put buying today. In addition, oil and material stocks seem like they are in their capitulatory phase. I am staying short retail and long the Euro. Have a good night.

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