Since I passed on the opportunity to get short on Monday, things have been very boring. Althought the markets are now oversold there are literally no interesting long set ups and the odds of making money on short positions is now very low as the markets can now bounce significantly from these over sold levels in only a single day.
So unless your a day trader or atleast trade off intraday charts and hold for no more than two days then the optimum place to be right now is in cash. That is where I will stay unless we get a weak bounce that I short into. I know it is very difficult to stay in cash and simply watch the markets day to day. However, it is the right thing to do for the time being until "easy money" conditions comeback again.
Until then good luck and good sitting!