The selloff today ended terribly.  Usually those washout gap down openings lead to a higher close but not this time.  This is an indication that investors are starting to realize the magnitude of “the great unwind” as Bob Marcin over on real money likes to call it.  At this point if you’re fully invested you have no choice but to ride out this storm and maybe buy some downside protection on the next bounce.  It’s pretty clear that we are not out of the woods yet or even close to being out of the woods.  I would continue selling the rallies.  Having said that, wall street will recover, it always does.  For me, it’s not a matter of catching the bottom, it’s much more important to protect my capital and ride the trends.  The pundits on TV have been calling the bottom since March and it simply just hasn’t worked.  Sometimes the hardest thing to do is nothing.  That’s what I did today.  Not a single thing.  I’m 60% invested in my retirement account and about 10% invested in my trading account, it’s been this way since December.  It’s been hard resisting the temptation to do something but there just isn’t enough clarity to make me feel comfortable putting my capital to work.  Sure I’ve missed some big rallies but I’ve also missed a whole lot of downside.  If we get a few more bad days ahead of us we’ll be setting up for a nice big bounce that could last for several days or even weeks.  I’ll be looking to pick at some of the global growth stuff such as infrastructure and energy.  I like COP, XTO, JEC, SGR, NUE, and RIO.