Could be the day we have the panic; current S&P 500 1253. Natural gas finally breaking down - Ultrashort Oil & Gas (DUG) finally working, etc. Generals being hammered everywhere. Good things to finally form a bottom. It will be ugly if this continues but the type of cleansing we have been waiting for.... have puke bags at the ready.
Financials ARE holding up (relatively speaking) as are retailers in general - so this is classic repeat action of previous "rotation" corrections. So a swoosh does not necessarily need to happen for market as whole since we are smoking out all the "hiding place" sectors, one by one.
However, a nice swoosh to S&P 1225 would do the body good at this point. Seeing some "dislocations" (stocks dropping 8-12% out of the blue) which were seen at other panic points. Then we could have a nice 3 day weekend to hear about Black Monday, et al. ;) All fun stuff.
Continuing to look for merchandise into the abyss... current strategy is to apply CASH (entered the week with 20%) but KEEP short exposure to help offset (a little) the long side pain. Once the smoke clears - empty out short exposure and be a Kool Aid toting long.
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