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1. The Italy problem gets worse. European markets tumble leading to heavy losses in the US as well. Likely we see the S&P quickly retrace its steps back to the lows of early October at the 1100 level. I would immediately sell our most bullish positions and perhaps buy more TZA or other 3X ETF to enjoy more upside from a likely decline.

What does he mean? He would sell at SP500 1100 or now?
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