Having gone through a zillion charts this weekend, I can only say (1) I remain very comfortable having so many short positions on (2) the totally-trashed precious metals and energy sectors either represent a buying opportunity similar to equities in March 2009 or represent the largest array of falling knives ever assembled. I don’t know which, but I’m not touching them.

Broadly speaking, I think we remain on track for the small caps to hit the target I’ve illustrated below at 1116. We shall see!