I'm in a situation that didn't seem likely early Tuesday morning -- I'm 100% cash.
The futures were looking great and even 30 minutes into the trading session, the selling really hadn't picked up that much steam. But as we continue to see, the market cannot hold on to its gains and oil keeps dragging things lower -- down about 20% on the year already. So I went from having (N:SSO), (O:AAPL) and (N:DIS) at Tuesday's open to selling all three and taking my profits.
I gave a round to a couple of intraday trades, but those couldn't hold water so I bailed on them as well.
I still think a massive short squeeze is coming and the longer it's put off, the greater it will be. That doesn't mean I think we are going back to new highs again. But the market has to have a relief rally at some point just to work off its oversold conditions.
Right now though...cash, until the market shows otherwise, is the best option.