wealistic wednesday, page-19

I have closed long index positions and taken short position on the SPX as insurance against my equity holdings with tight stops. My downside targets are barely 20pts so I am looking at 998 on the SPX as a possible re-entry on the long side. My only issue is every man and his dog will look to short the market despite a pittiful 1 pt drop which will cause another short squeeze. Any slight fall on the market and everyone tries not to miss the top. Well, I have joined the band wagon for insurance purposes & prepared to cover on any strength. SPX 4 hrly does seem shortable.