Back to reality?

Went long equities in mid-April, 100% of portfolio to ride this bear market rally. Up xxx% last two months.

2Q almost over, 20/50/200 EMA and SMA moving average supports ALL broken on S&P 500, second leg down to come?

I'm thinking this move down is precipitated by market's false belief mortgage crisis is over: the reason median housing prices are actually increasing is contagion moving upmarket to alt-a, prime, jumbo market forcing sales in those higher priced categories from real economic distress, not outright fraud (as occurred in subprime markets). Read Mr. Mortgage.

Sold portfolio today, and went short equities, short oil, long vix today. We'll see...we are at a key juncture..this week's action will be critical to how the market plays out in 3Q