The market could have been worse today, as 4 of 5 USA main indexes remain above all pivots, VIX below all pivots and XIV somehow rallied back to close above YR1. But regardless of what happens tomorrow I think this is likely start of something larger - c'mon, USA indexes are pushing the monthly Bollinger bands and VIX was just in the 10s.

Out of 2 IWM takes portfolio down to 90%, and there may be more reductions soon. I think better to reduce here rather than hedge to free up capital for the next good setups.

SPY, IWM and XIV below.