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Play Editor's Note: If you missed my comments from the weekend, please go back and read them. My bias is bearish but I'm expecting a bounce near the January intraday lows on the DJIA and the S&P 500. The DJIA has about another 100 points to go while the S&P 500 is pretty much right there near its January lows. At the same time the VIX continues to inch higher and we're seeing more signs that the market could be very close to a short-term bottom. My biggest worry is that we are very close to another capitulation day where the volume is huge and volatility spikes. When this event occurs it is normally a great entry point for bullish positions and our shorts are going to suffer! Think twice about opening new bearish positions. There is no guarantee the washout will happen soon but it's going to happen sooner rather than later.

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