The SPX may have some breathing room here for the much-anticipated oversold bounce. However, that bounce has been expected for the last 70 points or so and a +3% move only puts it back to 1316 (or about where it was last Wednesday). At one point not too long ago, there was a possibility that the correction in equities would only be shallow and short-lived. It is no secret that this how I was positioned. Obviously, “shallow” is no longer an applicable term and it is doubtful that the SPX reach new YTD highs in short order. The strategy going forward is likely to be extremely tactical in order to recover losses while limiting long exposure.