With 2.5 hours left in the trading day, no one knows how things are going to end. At the moment, the market is well off its highs – – today was just outright freaky in the first couple of hours. We went from down hard to up huge, all because of a rumor that mark-to-market accounting would be suspended (translation: banks and the government would be able to use whatever asset value they conjured up for their holdings as a fictional fraud on anyone blinkered enough to believe them; by the way, my house is worth $50 million!).

Anyway………shorting when we blasted up into the purple tinted area (which was near yesterday's highs) would have been good timing, but that would also have been the most terrifying time to do it. The /ES had, after all, ripped almost thirty points higher in a very short amount of time! We'll see if the brave souls (I was not one of them…….) who shorted at that level end the day winners or if the market soars to higher highs from here. 849.50 on the /ES is an important line in the sand.

The chart of DBA provides a good example of how difficult it is to make a decision in this market, unless you are comfortable taking plenty of risk and being a "long term" holder – – here's the daily chart.

Now, I really like this chart. It has the makings of a great inverted H&S pattern, with a stop at 23.15, which is less than 6% away. So the risk isn't gigantic. But it has the makings of a pattern – the pattern isn't done. If you look at the minute bar graph, it looks less enticing.

This graph looks just the opposite – like it should be shorted!

In this insane market, my choice in this kind of situation is to do nothing. I have instead opted to buy into DBC, which I consider a more consistent graph with an even safer stop-loss price.

It's been a very long time since I've pointed out any straight-up bullish ideas (just plain old stocks) but here they are – – I bought these a few days ago.

Also please note there is another watch list for Long positions, which means there are four "long" watch lists total now.

Gosh; even Google doesn't understand me……..

This market is clearly designed to take as much money away from bulls and bears on a daily basis as possible.

Look at the chart of the /ES below. We have a nice orderly formation of a descending right triangle. We break below the support line. The market moves lower in a nice waterfall fashion, making for clean entry points and neatly-placed stops.

Then, in the span of a single hour, it rockets higher twenty points, blasting me out of my /ES short (and FAZ, for that matter). So a fat big green number early in the morning becomes a small but still red number a little later. Infuriating!

As an aside, I will say that the commodity ETFs continue to look interesting as long plays (DBC in particular).