The market feels heavy right now. It feels like the bulls can't get any of the dip-buying going like they've been able to for the past few months, and it feels like the bears are getting a bit frisky. I feel like we're in the middle of a much-needed correction. While I feel as though we are soon due for an oversold bounce, I would view such a bounce as an opportunity to reduce long exposure and/or increase short exposure. We are approaching some key support levels in several stocks and indices. The market is confused right now, but I still believe we have further downside ahead.
Short-term bias: bullish (I am looking for an oversold bounce following some pretty relentless selling over the past few days)
Intermediate-term bias: bearish (I am expecting the correction to continue, and would use the aforementioned oversold bounce to increase short exposure)
Long-term bias: bullish (I believe we put in meaningful, long-term bottoms in March, and would use the aforementioned correction to increase long exposure)
Pick updates: none
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