I might be too cautious here but I closed XIV/ SPY longs as I am seeing some things I don't like. On the good side, some assets like Treasury yields, junk bonds, etc are showing bounce but I don't like the price action and more importantly volume. It isn't bad but it isn't where it should be if this is an intermediate term bottom. I am guessing that we might be forming an intermediate term base but it is getting closer to being complete but not fully cooked. I don't feel confident in a big edge long or short here for the very short term. Maybe that will change at close but even then I probably will stay flat.
I could be paranoid here but when my checklist at critical junctures isn't complete I don't like stepping on board the rocket ship. If I am wrong, there will be time to catch a seat.
The good part is yields are flying up. That's good