for anyone heavily long or scaling in here with on a buy-the-dip strategy, there is the possibility, as i’ve mentioned recently, that if the market continues to go much lower the selling will start to accelerate. yes, this is just one possibility and for those taking a more bullish view that this is nearly completed correction and the market is about to explode higher… sure, anything is possible at anytime in the market. i just want to point out that we could see the type of panic selling we’re the bids start to collapse at an accelerated rate as one support level after the next gives way. one thing that would increase the odds of this happening would be a pretty decent sell-off into the close today. if, by chance, that happens then i would put the chances of a big gap down on monday about as good as they get (nobody can ever call a gap with any degree of certainty). this is not a market call, just a possibility and something that might warrant caution on the long-side & i just wanted to mention that well in advance of the close today so one could make the necessary adjustments, if they agree. yes, some type of central bank driven news could also gap the market up big next week as well, so the shorts are always at risk too. more so now as we are still sitting above key support on the major indexes. if you’re not sure how to be positioned here, there’s nothing wrong with hedging your existing holdings or moving towards cash.