Don't Buy Anything!

This seems like a good reminder to replay Jimmy Conway's speech, although I am still not convinced we are entering a brand new bear market. As demoralizing as I am sure today's price action is for bulls looking for a fresh run back to new highs, as I noted earlier we could simply experience a third wave down of selling like in GOOGL before rallying sometime in May. 

In the meantime, though, any new buys need to kept on a very tight leash. That said, there are some opportunistic inter-market long trades we are eyeing for Members, as well as some shorts. 

Equities are clearly still in a corrective state of mind, which means your focus should be on keeping the heat off your portfolio and picking up some alpha to the downside by not suffering unnecessary drawdowns.