Bear took over (7/7/09)

With today's drop in the US market and in majorities of the global market, it's fair to say that bear has taken over because the bull's last line of defense at 886 was defeated. The technical rebound that I was hoping didn't happen, so I had to reduce my long positions down to 30%. It's tough, but have to bow to market. Anyway, it'll be interesting to see how market will behave in the coming earning season.