Right now it's best to be short or just out of the way. Keep in mind that the Fed is still a factor. If they drop rates again a short covering rally could kick off. With so many variables that could occur here and with such wild intraday volatility, there is no way to make a good call on the market today.
Outlook:
The bounce failed when Bear Stearns collapsed Friday. We may be nearing a capitulation event, but it's early to tell.
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