Ample Room for Further Weakness

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Below is the SPY. The 38.2% Fibonacci is quite meaningful. There's plenty of room between here and the next lower line for weakness. I remain 100% bearishly positioned, although, as I've mentioned, I covered my USO, GDX, GLD, and OIH shorts for oh-so-refreshing profits earlier today. And, once I think we've weakened sufficiently, I intend to stick to my plan of playing the long side (but concentrated in just a few big positions – not spread out among a zillion shorts like I'm doing on the bear side).