Large current account and budget deficits suggest that the dollar has further to go on the downside, says Hesler.

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Or does this turn into a gap and go to the downside where we need a lot more time to let this play out?

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If I am correct that the market has further to go on the downside intermediate-term, but likely to experience a short-term oversold rally, such a rally would provide another opportunity to sell into the strength and even take downside positions.

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"I wouldn't buy it here, but I wouldn't short it either, " says Garren, noting the extremes to which biotechs can go on the upside and the downside.

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In fact, investors should be preparing for the potential that downside positioning may become the way to go before long.

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"We don't think we're going to see the downside on that part of the business because our customers have to go ahead and develop these projects and try to recognize some cash flow out of the costs they incurred three or four years ago, " says David Lesar, Halliburton's president and chief operating officer.

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