Market Set To Get Ugly Unless Fed Disappoints Shorts Once Again

Unless the Fed steps in with another surprise rate cut, this is a market set to get real, real ugly this week. Short side risk has been reduced significantly by last week's failed breakout.

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Outlook:

The rally attempt failed miserably and the bottom of this market is poised to fall out. We doubt the lower B-band can hold and January lows are in jeopardy of failing as well.

*Risk on the short side is low today and it is our recommended position. However, should the Fed plunge protection team steps in once again and lower rates to stop a disaster in the making, short positions will likely fail again. So, keep a close watch on the headlines today. Short, but be ready to cover quickly if the Fed lowers rates in an emergency rate cut.