With the sharp declines in the market of the last few days, it may feel like the bulls are walking the plank again, but let’s put things in perspective.

For much of 2013, 2014 and 2015, I have been betting against Wall Street and riding with the bulls while the naysayers have been calling for the mother of all corrections to come for three years. While at times I have been trapped, I have not been tricked, as I learned years ago not to bet against a trend.

Out of the slew of positions I have recommended to my subscribers this year, only three of them have been put options, or bearish trades.

We had a “baby” selloff in January with a tremendous rebound that started on the first day of February following a pullback at the open that morning. The first trading day of March marked a short-term market top, followed by a drop to the bottom of the trading ranges by mid-month. The last two weeks of March saw another trip to the top, and now the bottom of the trading ranges are in play again.

Given the four-straight days of weakness last week, I predicted that there could be an ongoing “bottoming process” for another two to three sessions. Well, here we are, but the good news is that we can just watch the action going into the long weekend because the next battle could seriously hurt the bulls or bears again, so there’s no point in loading up on long or short trades right now.

While I have elected to close the Cypress (CY) calls I mentioned last week, just remember that there is no rush to go short.

I have started to dip my toe in the short-side waters, as earlier in the week I identified a put opportunity in U.S. Steel (X) and that trade is already starting to work. (Get my detailed recommendation here if you missed it). There will be a wheelbarrow of money to be made when all of my technical indicators turn bearish, and there will be plenty of time to put fresh chips into play.

Instead, think of yesterday’s session as another day in the bottoming process, if support holds, of course. Instead of betting, let’s just “call” and see what the fools do.

Note: U.S. markets are closed Friday, April 3, to observe Good Friday, so look for the next Trade of the Day on Monday, April 6.

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