Never hurts to take a profit, or reduce risk, especially in a market that just dosen't want to give much on the long side. As for me I am watching gains disappear quickly, even while the market tries to sta green. Sure pays to be cautious, trade amazteau hour for the scalp, and watch activity during the day.
Higher margin requirements on so many commodity plays, thats going to squeeze out alot more nimble players, IMHO, then there is the China factor. This country sets the rules for the world to follow, I mean Europe is mired in problems, America is still stuck, Japan and India have there own issues, so if China says they are tightening, or whatever, then everyone must follow. To me its the new order of things.