Here is a very good article by Scott Pluschau explaining where the S&P500 is at as of today.
http://scottpluschau.blogspot.ca/2013/08/the-s-500-is-approaching-significant.html
According to Dow Theory, today represented about as good a short term buying opportunity as it gets. There was, in fact, no real economic reason for the current sell-off. Yes Syria and Fed tapering fears blah blah BLAH. It's pure market noise that created a decent little buying opportunity.
The bull market is still in tact.
HOWEVER, if new highs aren't made in one of the indexes moving forward (next couple of weeks), we'll have something to be concerned about. Until then, I'm staying fully invested and long.
If you bought VXX when it was trading at less than $14, bravo to you!
Ryan
