There's the Rub

Headed into the bell on what has been a wild session, the mega caps in the Dow look rather ominous and perhaps headed towards a major break. 

But the Nasdaq and small caps balance out the pessimism, with the QQQ ETF still above its 20-day simple moving average. 

Despite the DB concerns and the Dow swooning 200-points intraday, if bears cannot ever bring the QQQ below its 20-day, it is going to be tough to load up on any type of meaningful short inventory. 

More after the bell in my recap, including more analysis of DB.