Thoughts....
I was hoping for a wash-out to the 2003 levels, but we didn't make it. Unless something catastrophic occurs between now and Monday, I think the lows have been put in on an intermediate term basis (6 - 9 months), but I still remain long term bearish. At some point in the near future, we will have the shorting opportunity of a lifetime. I covered every remaining short position I had Friday morning, took a few but small long positions, and took a significant position in some OTM QQQQ Nov 2008 Calls. My short setups are destroyed so it's going to take a rally before any will offer a low risk opportunity to start establishing positions again. I should have more opportunities to make more posts during the week for the next couple of months.