I'm delighted with the performance of my long positions today, however, I am keeping my positions on a very, very short leash.

• Anything that wasn't showing a profit first thing this morning was sold like a shot. If a stock can't perform on a day like this, it doesn't deserve to live.
• Other stocks have, by and large,stops set just below today's lows. Again, a very short leash!
• Aggressive traders may even look toward shorting the NDX, which is both under-performing the S&P 500 and is pushing up against a (relatively minor) retracement level already.

Much like a PBS Pledge Drive, you can count on me reminding you basically at every post to please Vote For My Blog (click on the icon at the upper-right). So get used to it! 🙂 For those that have voted, thank you; for those that haven't, please take a moment to do so! We're already on "page 1" of the top vote-getters, and my goal, of course, is to win First Place. (We've gone from 30th to 8th just in the past hour, and Beanie is pushed to the 2nd page now).

During the course of writing this blog, I have received thousands and thousands of emails from readers. I was curious what kinds of emails were sent on October 11, 2007, which was the very top of the market. There was only one, and it was from Nathan who was simply complimenting me on what I had said in that day's posting. Looking back at what I wrote, it's clear how angry and frustrated I was. But, when reading just the quote (which Nathan included in his email), it seems prescient. I was addressing the bulls………

You are frauds, sheep, and charlatans. I hate you. And you will eventually be destroyed. The day of reckoning has been painfully elusive. But it will come to you as suddenly as today's whipsaw. Stay right where you are.

I'm obviously not nearly as angry as I was (and with good reason!). Thanks, Nathan, for putting this "marker" in my email stack so I could remember what things were like back in "the dark times." And for those shocked at my tone, get over it. That's how a bear feels after a bull has been grinding upward for years. We own the market now. So I'll be sweet from now on.

OK, time for some love back, folks!

See the icon on the right column that says "Please Vote!" Well………please vote! We came in Second place last year for Best Business Blog, and with five times the traffic now, there's nothing that says we can't be First. I'd really appreciate it. I caught this really late, and I think there's only a few days left in the voting, so please send your vote my way; thanks!

Oh, and those who didn't read the prior post, it at least has a little meaningful content instead of just begging for your vote 🙂

Morning, early risers!

I see my post from last night has nearly 300 comments in it; sheesh! You people keep me hoppin'.

The S&P has been up nearly 60 points at times during the night. I am delighted! I'm looking forward to a terrific opening.

I've drawn a fresh retracement series on the ES0812, and there are two "walls" of resistance; the higher is at my target of about 1070 (which may or may not be reached, but I'm leaning toward 'it will'). The first wall will probably be tested this very morning, which is in the 970-980 level. I'm going to be inclined to take partial profits if we're clearly slowing down in that zone. Keep in mind that is a full 140 points above Friday's low!

Good luck today! This is going to be awesome.