The SnP hit our initial higher downside target and came within $1.20 of our lower initial target this morning. In a welcome development [for the bull case], CBOE has shaped up nicely this morning with some decent readings. Yesterday, it was only neutral but this morning is producing some needed [mild]fear for the first time along with that feeling of capitulation we perceive in some stocks that we watch which is hopeful. We may or may not be "there" yet but the situation from several angles is a whole lot better than it was when we shorted the market. The progression off the top has been normal with market psychology adjusting nicely as it had to do after getting excessively bullish. We have not covered the shorts yet. This market may rally enough to fill that gap left from yesterday but it's not in imminent danger of going beyond that to new highs real soon IOHO. F
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