From the Weekend Update: "Bottom Line "Absent unexpected geopolitical nirvana, next week should be hard down, if not right out of the gate on Monday, soon enough thereafter." And just like that, Monday's opens with geopolitical nirvana. The market is once again captive to headlines and a sharp counter-trend rally has ensued. About two days of our put gains have been given back. When the news has worn off, or replaced by yet another headline, the decline will resume. The best guess now is that new lows will be seen across the board, possibly by the end of the week. First down day is our signal to add to short positions (including today). IWM Daily Despite geopolitical nirvana, big picture remains bearish.
