I am off to Florence this morning for my last few days in Italy. I will shop as Rome burns.

Back in June I wrote about the ‘Osama’ Top.

In real time, I was getting flak for calling an Osama top in the market and I was not alone.

If you are Pandora $P, LinkedIn $LNKD or Felix Investments, the Osama top has meant little.

With the mood of financial markets quickly turning negative, the horrific price action of financials, the silliness of IPO valuations and some Bitcoin mishigas, you may not soon forget the ‘Osama’ top.

Today we are entering a new phase of the market I call the S&P Resistance.

CNBC and Bloomberg will bring people out to get us above Friday’s close. Maybe they will. I don’t think today is important. I also agree with Steven Place that this is not a panic.

When I look at prices Tuesday at the close I will have a better feel. Trends are broken everywhere.

I am not as bearish, and hardly ever a real bear, as Peter Brandt has been the last few weeks (and right). Today he is out with a great post about what could lie ahead.

I am hunting for future winners amongst the Stocktwits 50 while I wait for the markets to settle.

Most importantly though is what is happening right now. I am relying on two charts for the moment. Look at this 5 year chart of the $VIX which should give you some perspecctive on the state of the fear right now. It’s very high.

I think everyone should also read Chris Perruna’s great piece about the trend change.

Please remember that the market is a marathon and protecting your equity value when in doubt is what matters most.