Not Much Panic

I think the last thing the bulls want to see are the futures rallying ahead of the US market open, from European trade a few hours earlier.  It seems like that is the best tell of sentiment.  When futures are going down towards US trade, the sentiment is bearish.  When they rise ahead of US trade, the sentiment is bullish.  I think most people are viewing this selloff as a buying opportunity.  I think its too early to be thinking long here.  I see 1060 in the cards by next week, easily.  I would not rule out a move to 1042 by the end of next week.  Dubai is just a symptom that the world economy is not as healthy as the markets make it seem.  I think we're in for a bumpy ride today and next week.  I will not be going long and will be staying on the short side.