Short Trade Is Getting Crowded

We are seeing some extreme readings on the put call ratio and we need some time to work off these oversold readings. Remember that the crowd is mostly wrong. Given the the Facebook IPO was a flop and expectations so high we may see more follow through on the downside at the open on Monday but I suspect we're close to some sort of bounce.

Let's be clear. Any bounce is that we get will be an opportunity to add more shorts in my opinion. There are so many oversold sectors that if the market bounces we should see a lot of great short trades.

Copper below is confirming a bearish economic picture is brewing.