SHOTS FIRED

The bears did a Tony Montana on the markets this morning but now the bulls are trying to answer back. A pretty wild swinging day. I would think a short term bottom is in and we rally for a week or two till resistance which is Dow 12450-12500 or so.
I have lightened up the portfolio on QID, MZZ, SDS and DXD the double inverse indices. I have added QLD, DDM and SSO - the double bull indices into the mix. Have not lightened up much on the stock holdings yet because I still expect a rally. Still holding gold and the Euro via FXE. Looking to add more Yen as a hedge.

If we end in the green today, the excitement will likely spill over onto tomorrow. The first shots have been fired but the war is not over yet. I believe a change in market direction from bull to bear is on the horizon.