I have liquidated my long ProShares Ultra S&P500 ETF, ticker SSO, and bought back the ProShares UltraShort Russell 2000 ETF, ticker TWM.  Fortunately, I was able to do so just before the Dow dropped 100 points at noon.  Better to be lucky than to be good.

Frankly, last week's pin action concerned me, though I was heartened that we opened down and ended positive on Thursday and Friday.  However, it now appears to me that the market is rolling over again, and we could be headed back down to test the lows.

It is still a bear market. The economy is worsening, valuations are not cheap and the money markets continue to deteriorate.  Perhaps this morning's move was meant to shake out the weak hands, I don't know.  If it is, and we are going to go higher, I will increase my short position. I am not going to push my luck betting on a bounce when I think we still have further to go on the downside.