When they take a market deep, usually you see some sort of reflexive bounce back out of it. Just the way it works. Unfortunately you cannot expect it to hold and have to assume volatility will increase and concern to grow. I would think you see all of that today. I wrote an article yesterday on MarketWatch and in some of the comments there was the usual comments about how people like me are ruining the market by shorting it? Excuse me. I don't think I can move the market yet. Maybe some day. I'm certainly no Joesph Granville at this juncture.

The market moves because of supply and demand not because of what I do or don't say. I would like to think I am that powerful but that's a pipe dream. Nothing of the sort.

We have had a host of problems for a very long time and the market keeps shrugging them off. Maybe this time will be the same. What's different now is it is starting to eat into corporate profits and if that becomes a trend, then you won't want to be long this market. Too early to make that call though. For now you have to expect the bounce and see if it becomes more than that. Odds are it won't.