Looking at the daily charts, you can see how were were getting toppy even before this. Wait until the close to reassess and/or hold shorts/ hedges at least until then, these types of slides rarely reverse in my observation. Hope you honored your trailing stops.
2:00PM CST UPDATE: We just bounced off the five-day moving averages. Whether or not we can hold these will be a huge tell relative to whether or not the trading environment/ regime has truly shifted as described in prior days posts or not. If we can hold, it's a small green light to start adding-on, in my opinion. Tomorrow is options exp. Volatility is expected with a slightly negative expectation next week.
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Post from 2005: Mortgage Debt and the "Recovery"
4 hours ago