I am of the belief that this decline could be bought into. As the market rose I trimmed some positions and wrote covered calls and naked calls as hedges. As we decline those calls I wrote act less as hedges and my long exposure increases automatically even if I don't do any buying.
I will give an example of what I mean. Yesterday, I wrote the SPY 120 Calls expiring tomorrow for $1.75 naked. When the market opens today those Calls will likely be nearly worthless, so I will already have recognized the vast majority of the benefit of my hedge. This makes me longer because I no longer have that hedge or very little of it.
I also want to emphasize to readers that my longs are very conservative companies that should do relatively well in a weak economy with rock solid balance sheets.