While we may see lower prices today or later this afternoon, at the moment this selloff is being bought. How do I know? The TRIN is collapsing from its opening spike above 12.00 to below 0.90 and the first hour is not even over yet. Of course, it could reverse and begin heading higher, but my suspicion is the large speculators and institutions will be using this as a buying opportunity.
However, there will probably be one more swoon to complete this selloff. I expect some sort of rally into Tuesday or Wednesday followed by more selling into Wednesday to Friday to wrap it up. I am looking at the QLD, UWM and USD. Still long the UYG.