Brutal

Unless you're short the former leaders, cash is the best place to be right now. Today was simply brutal. It's clear that the institutions want out.

Of the stocks I listed yesterday as potential short term long plays, three broke out and moved higher. They were SONO, APOL and GENZ. But you would have needed to have taken profits quickly, and with the market as it was today, going long was a trap. I also listed SLB as a short, which was down 3.41% today, but thats nothing compared to the bleeding in the market today.

The market could turn around, and believe it or not, there are some stocks holding up well. So if the market does begin to turn, keep an eye on these stocks, as they are showing strength:

GILD, HUM, GENZ, SONO, HWAY, MATK, MCF, PRXL

The week has been wild, and I think it will probably stay that way. I don't see many good short setups right now, but I think any rally would be shortable. Good trading.