At that point, the market had proven to be very resilient, and we were looking for a consolidation pattern to give us another measured entry to the long-side.
Those efforts have proven a failure to this point, and a market that has been fairly sanguine about the potential negative implications of the fiscal cliff to this point had a violent reaction Friday morning, though the move was tempered somewhat after Boehner said he is still open to working with the White House on some form of compromise.
Unfortunately, copyright holders have proven willing if not eager to purse a scorched earth strategy to make its point when granted additional enforcement rights.