mdgfain - he's not trying to squash you LOL or disrespect you, he was probably just taken back a little because it triggered early this morning per his chart setup.  The problem is we could go into a whole discussion here but not really the time intra day to do it.  Trading takes time, folks fairly new at it or still trying to get their feel, personal risk tolerance, their goals/objectives will take time.  

Most folks are not day traders, as someone looking for a swing type position, lot of ways to look at things, the market was at resistance and had some wedge patterns in place.  Maybe the wedges only produce a bounce then we get another pullback to form a better divergence who knows.  a swing position trader might look to scale in or set a wider stop, or a swing trader might still be holding quite a few long positions and not wanting to unload those positions, but wants to hedge those with some inverse ETF's.  That's why there's no one answer to all this without having a discussion of what you own, what you don't own.  Anyway not the time to go into that now, the inverse ETF's provided at least a trade so far, triggers would have been earlier on those, we'll have to see how those develop. 

trading takes time to master, not just from a technical standpoint, but from an emotional one and knowing oneself, being patient, waiting for opportunities to setup, and risk management.  Everyone is on a different path and journey in this respect.  Best thing folks can do is study, look at tons of charts over time.  The folks who write into us and tell me they don't listen to the newsletters because they are too long, well those are the folks who will never succeed because they don't put in the time.  It's like playing a sport like golf, etc, you have to put in the time, and there will be trials and tribulations along the way, persistence is key.