It has been one month since equities have gone up for more than a single day. It has been two months since equities have gone up for more than two days. Pathetic, isn't it? In the spring of 2007, the market went up virtually every single day for three months. So let's just say we've had a lot of trouble putting together a convincing rally recently.

The fact the market will almost certainly open higher this morning, in this context, means almost nothing. But at least for the moment all the pre-market quotes on my positions are encouraging.

We're approaching midnight here on the left coast, and the NQ is up 31 and the ES is up 25. I continue to feel this is the week where finally we get some upside. This late-afternoon collapse thing is going to fall out of fashion.

Today was the lowest traffic is the past two weeks. That's probably a bullish sign in itself (about 65k page views, versus the low 70s we've been seeing the last two weeks).

It sometimes surprises me how some folks think we need to be permabears. In other words, if I believe a given market is going to move higher, I've suddenly "left the team." The only team any of us are on is the money-making team. To take money out of the markets. Not "bull" or "bear".

Back in the dark dies when Abby Joseph Cohen ruled the world, and Stephen Schwarzman threw grotesque parties for his wife, I was a bear and fiercely proud of it. But for goodness sakes, the world's markets have fallen 50-90%; I think we're due for a bounce here pretty soon!

There was such a relentless stream of "crash-talk", I stopped listening to my inner voice and shorted 40 ES after the close (a huge position); a re-examination of the chart made me think better of it, and I closed the position before much damage was done. Indeed, I am long 25 NQ now, amplifying my bullish posture even more.

So I haven't left the team. Provided the team we're talking about is the one dedicated to making money based on rational conclusions drawn from prudent technical analysis. Finally, just so this post isn't chart-free, here's an interesting sentiment view courtesy of (typically uber-bearish) Elliott Wave International.