I hope I am wrong on this, because I am long AXP , long KO and long CSCO , this ideea being more of a hedge position for me.
Let's look at what happened before the last 2 big corrections. The was shouting out to us that things are not looking good. The three divergences I outlined are all class A, that is the most powerful divergence. After a strong rally since the last divergence, we have another setup, outlined on the chart. Big support is 177, but it would be great if we would stop at 181, this case showing the strenth of the bulls.
The situation is the same in Europe, divergences everywhere, I closed out all my positions, including the Spanish long i called 2 weeks ago which worked very well.