Two Hedge fund managers I have the greatest respect for Doug Kass and Eric Bolling have also been selling into this strength in the markets and adding to shorts. This in addition to what I see in chart formations of what looks to be a temporary top on the markets (SPX 890) gives me additional confidence with my decision to go short.
The next leg down to 860 on the SPX is the near term target. Ideally, I would like to see the SPX start to form a downtrend. I don't expect the fall to be quick but also don't expect 760 to be breached.
For currencies, the EURUSD would be a great short should it fall below 1.3212 the 20dma line.