Good day to have been hedged. That said, I'll be looking for signs indicating it's time to take them off. On one hand, cumulative tick is extremely negative, and rarely reverses intra-day once it gets this bad to the downside. On the other, the five-day moving averages remain upward and the leaders (XLF, IYT & SMH) are already down nearly 2%, so one has to wonder how much worse they can get this session.
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