Quick thoughts on where we are.... This may be pre-mature, but I think we are starting our next leg lower. As seen in the chart, when the stocastic indicator in the last bear market signaled a buy signal, it was an excellent time to go short as the market rolled over. We saw this happen three times in three waves until: 1) we saw higher highs and lower lows in the markets (larger time frames) 2) the upward momentum return to the market (MACD indicator 2 lines turn positive 3) All moving averages attain a positive slope (all but 200 dma now) Let's see what happens but I would become more defensive right now or at least take some profits.