So the options are:
a) Short this market
b) Continue to keep your powder dry and wait for the bounce (I am 50% cash)
Whichever you choose, DO NOT buy yet. Wait for how this market reacts at the July lows (ie see if there are any buyers). Very few investors can perfectly time a bottom (so I'll gladly take 70% of a stock move and miss the first 30% then buy into a bull trap). Remember, capital preservation is far more important than capital growth. Your first job isn't to make money, it's to NOT LOSE money. Think in terms of baseball and "wait for your pitch." I am done with the cliches.
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