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CANSLIM does have a market timing component, so there is nothing wrong with sitting in cash in a declining market. Or, you could be short - particularly one of the short funds, although I think O'Neil never talkes about that.

Read in the book about follow through days. Here is an old article, which I saved: http://www.actwin.com/kalostrader/FollowThrough.htm

Anyway, this is a very volatile market, and if I went long a particular stock I would buy puts on it. Perhaps even sell out of the money calls and use the money to buy puts.
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