Market Correction: Done or Ready to Run?

Update: I sold my QQQ, still holding TLT. Added some DIS shorts in case the market takes a dive here. Leisure and hospitality will be hardest hit by strict quarantine measures or an outbreak.

Nothing in this post should be construed as trading advice, I'm posting solely to let readers know where my mind's at.

I've been heavily short in the market, but covered a lot of positions today and even took some long positions such as QQQ and short TLT. The VIX came close enough to tagging its downtrend. My speculative thought is the market will bottom when a large city such as New York City announces an outbreak and quarantine measures. However, that might not come for some time. I think today was probably an overreaction caused by not taking this virus serious. Plenty of people were shrugging it off on Monday even after outbreaks hit South Korea and Italy. I don't think we've reached full panic/capitulation by the "it's just the flu" people, but a news-driven correction needs news. On the other side, signals such as the VIX say a bounce is likely.
Palladium is a speculative indicator and it was a nice shade of green today. Meaningless by itself...
Tesla should be rattled in a major correction, but held up relatively well considering.
Virgin Galactic (SPCE) is falling after hours, but as I type this it is still above a recent support line. An extremely steeply sloping line if zoomed out.
Two trades I made today were Boeing (BA) and Domino's (DPZ). I sold a position in BA and used it to buy a position in DPZ (all puts). I'm still short BA. As for Domino's, delivery will not be spared in a pandemic. People will not want contact with drivers, drivers with customers, and workers may not show up. Plus there's a huge gap to fill.
I mentioned Peru and copper awhile back, and noted BAP as a potential short. It is nearing a support level now. Again, breaking it would be huge. But I'm not sure the time is right for the big move.
A Russell 2000 ETF tagged support today, but also fell below its January 2018 high.
The S&P 500 and Nasdaq don't have much chart support here, but both have gaps to fill above.

I'm less bearish today given the downturn in stocks and recognition that coronavirus is a bigger deal than people understand. I expect the ignorant who ignored it until yesterday and today will eventually overshoot. I have been worried about coronavirus. I have made preparations at home in case the government imposes a quarantine or I choose to self-quarantine. Having said that, I was more worried when everyone was ignoring the virus. The faster authorities and the public realize it's a problem and change their behavior, the less one needs to worry. The past two days was the start of that recognition in the USA. Similarly, the sell-off is the initial shock hitting markets.

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