The argument can be, that if the market is behaving in such a fashion, why not short indiscriminately???? I am a cautious person...why take a risk, safe for the market to bottom out, and uptrend established...and ride up from the lowest....FEAR , GREED trade off......in any case a clear bull run will begin from 6260 spot on Nifty and not otherwise.
The FEDS are going to announce, for certain, another 10 billion dollar cut in QE to take it to 65 billion ...if by an outside chance this does not happen then we can see a rally coming up. I am more worried that the FEDS are contemplating about the delink of interest rate hike from the employment figures which they have now kept at 6.5 percent unemployment level.
All in all, a time to be extremely wary of the market movements, and play safe ...remember cash is king at the moment.