On Friday, I called for a big rally in OIH and a large push higher in equities. Little did I know it would be this big. Nearly 1,000 points up on the Dow! The stock markets – both up and down – are starting to resemble science fiction.

This will be my last post of the day. I will say that the NDX seems terribly overbought to me, having traveled an entire retracement in a mere two sessions. I would expect some softening in this very near-term.

As for equities in general – – I said very plainly I was looking for a rise "between 1050 and 1100" on the S&P. At this rate, we'll be there tomorrow! (Although I really doubt "this rate" will continue; today was, after all, a relief rally with huge, pent-up demand). In any event, the opportunity to get really bearish again won't require a lot of patience.

If you look at my watch lists, you can now see a mix again of both long and short issues (whereas on Friday I was 100% long). It will be very interesting to see how long this rally lasts. This might be the shortest-lived wave 4 I've ever seen.

Anyway, I hope you had a profitable day, and I'll see you in the morning.

I've looked at hundreds of charts today. Some need to stew awhile more to be ready. Others are ready to short now. Here are a few.

ACE
AYI
BAX
BIDU
CELG
COH
COST
CSX
GWW
ICLR
LLL
LNN
MCD
MON
NKE
ORCL
PTNR
RATE
RRC
TMO
TNH
UNP
WOOF
XTO

As much as I appreciate the nearly 600 point pop on the Dow this morning (my SSO and QLD were especially grateful), I think we're at a juncture.

I have gone ahead and entered a QQQQ put position. Also, as I'm starting to go through charts, I'm actually seeing some interesting charts. I'll post some before the close.

All right, I've taken profits on most of my long positions, along I've still got my big SSO. In the next couple of weeks, we could have more surges higher, but +550 on the Dow is great by me, thanks so much.

There is a pretty hefty Fib retracement line on the NDX that I noticed. I actually took the liberty of buying 300 QQQQ deep in the money puts; could be an interesting trade. (Update: I got out of it. Meh. The rally surges!)

As always, you can look at my watch lists to see what I'm holding.