I hope I didn't just jinx it for the shorts by calling the 50 DMA the "Kill Zone". We all know what happen the last time kibbles called some resistance a Kill Zone, the market almost immediately cut through that no called resistance like a hot knife cutting through warm butter.
I think the market is at a inflection point and might be actually driven by earnings (For a change)
The global picture is still bleak at best, but in Japan/China stabilize and the earnings are not terrible, the market can crack the 50 dma and test those May highs. But, as of now the market is in SELL first and ask questions later mode.