There is a time for action and there is a time for inaction. For my trading style the current case is the latter. If the intermediate term trend were higher we would still be early in this rally and it would make sense to get long. However, I believe the intermediate term trend is now lower.
As it stands the market is still oversold and will be so for the remainder of this week by my measure. As the oversold condition is worked off, I would be more willing to entertain the idea of getting short. As an aside, sideways action is also a way of working off an oversold condition. For now, I am watching patiently. I will be eager to see if other regional banks follow PNC's lead tonight.