I'd be the first person to be celebrating my short positions after Friday, but to be honest I didn't have any because I'd much rather watch this market from the sidelines than get cleaned out by another "buy-the-dip." I'm also not entirely convinced we are out of the summer-doldrums either so I think we are still vulnerable to market volatility such as was witnessed on Friday with the low volumes that have been generally pervasive of late, but still, after Friday everyone took it on the chin. Losses were quite deep across the board but looking at my charts everything is still firmly inside their ascending channels. The only exception to this is the Consumers Staples ETF XLP which broke down quite convincingly from its long-term bearish ascending wedge. This is not good, particularly as Consumer Staples is a descent barometer of overall market health. I'm not advocating shorting the market at this point because I think it's a bit late, but I want to see first whether this correction has legs first.