Tops and bottoms are always panic situations. One thing they say in the business, the easiest way to call a bottom or top is to be there early, feel some pain, you will trade better in the next stage of the market. When you are using little or no leverage you can take stands that the highly leveraged funds cannot. We probably will move up to a leverage level of 1.5 today (from the current 1,1) if conditions warrant.
So pick your points, technicals are difficult to use in this type of panic. Our three leading macro indicators still are sitting with buy signals. On the S&P, 1108 is resistance and the swingpoint out of the panic. In the long run it is extremely positive that all these bubbles that we have been talking about for six years are being burst at once. Change is here in more than one way.