I have shuttered my /ES short at a loss, because I am far, far too concerned about what might be next out of this pattern:

The pattern could fail, obviously, but even though I trade actively, I am not into gambling. I would rather wait for a better entry point, should one materialize.

At this point I am about 50% in cash (which for me is a very high percentage); my commitments are all on the short side, with the exception of my IRA account, which, as usual, is a bunch of little bullish positions.

From all corners, I am hearing about what a hard market this is to trade. It makes October look like Kindergarten. I think we're all pretty sick and tired of it. But what can you do? Just wait until a clear opportunity appears. Simply hoping things will go one's way isn't trading – – – it's more akin to what they do in Vegas.

What a complete ridiculous day to trade! Up, down, up, down, up down. The /ES was grinding around 843 (plus or minus a few points) so long that there's a deep trough dug there. Ah, yes, and as I am typing this (the market closed just a few seconds ago), the /ES is dropping again. Treacherous! Nuts! Anyway………..at least the rest of this week will have some events that will give people a reason to buy or sell.

I think it's time to get into SDP. The index on which it is based looks quite vulnerable.

I have therefore entered a large SDP position today.

I think I would characterize this market as "completely gross" and "borderline untradeable." 

Yuck. Gross. Gnarly.

The congressman leading the construction of the $825 billion boondoggle rescue plan is – – and I'm not making this up – – Congressman Obey.

Just thought you'd like to know who is spending your great grandchildren's money.