Just put the hedges back on. Wouldn’t mind going long from these levels, even.

Source: prophet.net

But boy, hard selling across the board: stocks, metals, oil, currencies — nothing is excempt. But hurray for the grains, which have held steady. When risk appetite comes back, they should benefit.

You know what? We might be doing a megaphone pattern here — big ramp up tomorrow if that is the case. It would all be an interesting, wide-ranging correction before we continue down, and down we are going: I wouldn’t be surprised to see SPX 700 by summer, 800 by April.