Just to update that I have now closed my short positions and have taken nice profits. I closed these trades because it seems that they are having trouble going lower. There seems to be buying power coming in.
It is important to remember that fundamentally stocks are still bullish and that this decline was simply a much needed correction. Interest rates are still low and inflation is still high. If we see a strong upmove from this area in the near future then it is probably safe to get long on the pullback.
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