It feels good to actually be making money on the short side for once and not struggling. Yes, leadership has evaporated with utilities being the only real strength right now with head-and-shoulders tops and double tops as far as the eye can see. Transports, financials and even oil/gas is seeing profit taking at this juncture. The Nasdaq has lost it's 100d SMA which was historically great support. Remain hedged; there will be more downside. Whether we bounce a bit first (back and fill) to bring in more sellers is an unanswered question but don't buy the dip.............not yet.