G-luck. I’m long as well, adding more long exposure today. This bull is almost certainly in it’s final stages but just about everything that I’ve seen over the years tells me that the end of a primary bull market doesn’t start like this. This is more along the lines of the flash & mini crashes that we’ve had over the years within this bull market. Also, despite all the sensationalism in the headlines this recent drop, so far, technically isn’t even a correction, which is commonly defined as a drop of 10% or more. (Bear markets are widely considered a drop of 20% or more).

We can’t say that the broad market (S&P 500) won’t end up falling 10% or more off the the Friday, Jan 26th high, as it sure came close yesterday but semantics aside as to whether one wants to call this a correction or just a sharp pullback, most importantly is that the major stock indices are at key uptrend line support with every signal long-term trend indicator still solidly bullish. Also note that other than the short vol (volatility) trade finally blowing up (..thank God, as that should now made swing trading much easier & could be the death blow to the buy & hold trade), nothing has changed from a fundamental perspective since the New Year’s rally when people were tripping over each other to buy anything with a ticker: Earnings have been great, the economy is firing on all cylinders, rates are still low (and yes, we all knew back in early Jan that the Fed had clearly stated they planned to continue to raise rates… funny how now that is being used to pin on as one of the excuses for the correction).