The market is set up for its third and final “fail” from my perch as the fear trade has begun to set itself up. The buyers of the last two tops who placed their bets that the “bottom” was in are now realizing that the two hour black box rally that occurred on Thursday does not a bottom make.
We are setting ourselves up here for a test of the 2003 lows unless somehow, someway, things can reverse. Don’t bet on it and watch the XLF today. I’m short BBT and long SDS going into today. Good luck traders.