Cover your shorts Aug/02/2012 ?

Markets made a good move to the downside from our alert few days back LINK. This may be a time to cover shorts and take profits or to atleast cover some shorts. I covered a few shorts, mainly indices and went long into tomorrow at close today to hedge myself. These are the positions I will be closing during the day tomorrow or might keep until next week. I do believe there are chances that the markets will fall soon, but it just needs to breathe first. High TRIN reading of 2.19 suggests a possibility of short term bounce too.

SPX daily chart

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