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Realizing that 2009 YTD performance anxieties are heightening on the way down here, my best advice is to take a deep breath and patiently start to cover/buy all the way down to the 803 line in the SP500.

The VIX is only up +4% here at 46.34, which is far away from the aneurisms associated with Q4 of 2008, when volatility was 40-45% higher. Provided that the VIX stays in check under the 53.96 line, I think this is a very trade-able SP500 range that we can nestle into. See chart below for the Trade(dotted red) and Trend (thick red) lines that we could easily bounce to.
KM

Keith R. McCullough
CEO / Chief Investment Officer