This will be the last post of the day. I am increasingly inclined to take that huge list of stocks I have which I believe will ultimately retrace and collapse and buy them. In other words, play both sides. Buy them now, ride them up, and then reverse the position. So if you see a lot of buying in the near future, don't worry. You're not on the wrong blog.

(Side note: congratulations to holds of ag-related puts; MOS is getting destroyed after-hours, and many other issues, like AGU and POT, are along for the ride).

Good night.

I have two accounts. In one, I have a good-sized SPX put position. In the other, I have a very substantial QLD position. So this is a "can't lose" and "can't win" situation. Both portfolios are very bearishly tilted, but just in case, I wanted to be in QLD. Strong arguments can be made for a very serious bounce higher at this point, and I'd at like to have at least one winner on my hands!

But this is more important……..and I said this yesterday, but it bears repeating………I have a huge, huge list of stocks that would be amazing shorts if they would retrace. For this reason, in a perverse way, I would love to see a tremendous rally. It's a tough thing to wish for for two reasons. First, I've already got many bearish positions, and obviously a big rally would be painful; and Two, I'm not the most patient chap on the planet, and waiting the amount of time required (weeks? months?) for these retracement levels would be pretty hard on me. I confess cash burns a hole in my pocket, and I've got a ton of it right now.

In any case, let's watch the Senate. I sure will be glad when this Congressional obsession is over. But we must live with it for now.

Just a few favorite shorts right now.

In spite of some gurus suggesting COH being a fantastic stock that was "on sale" when it was $50 per share (it's less than half that price now, about a year later……….), I think this is a dynamite short candidate. Look at the size of this head and shoulders pattern. Traditional measured targets would be, errr, about $0, but – – -we'll see.

Things are going well. A bit too well.

I'm not sure if I saved a busload of nuns from disaster recently, but the Big Bear in the Sky is looking after me. Virtually every trade I am placing is almost perfectly timed. I'm buying puts when the stock is at a top. I'm selling them when things are about to reverse. And it's happening repeatedly. Even just today, I sold a huge SPX put position when the Dow was down 220, and then I bought an equally sized put position when the Dow was (briefly) in the green. Now the Dow is down 100 again. I feel like I'm surfing from Indonesia to Monterey without falling off the board once.

Anyway, keep an eye on my watch lists. That's the best place to see what I'm into. This Congressional nonsense is wearing on us all. It'll be nice when it is history. Please check out the NoBailout site to offer support to those opposing the horrible bailout legislation. Defeating this legislation is a vote for our democracy!