Well, that was a weird day.

We started off higher, based on relief about the jobs report being only terrible and not horrific. Then the rally faded instantly, and we spend the entire day easing down a skosh at a time. Just when it looked like the bottom would fall out, the PPT showed up and reversed the market in an explosive countertrend rally.

Sheesh.

What I've been trying to position myself for is the big countertrend rally that is bound to take place Real Soon Now (note sarcastic tone). I don't want to be caught with a ton of shorts when something like this happens:

The above image, by the way, is what equities did after a ferocious bear market about 40 years ago. You can see how swift and merciless the bulls were in the other direction!

Well, it's been a long week, and in the end, I don't think I made (or lost) a dime! This is one of those weeks where there is a ton of smoke, and zero fire. So I'm going to walk away from the blog until the morning. Thanks for stopping by, and I hope you had a more fruitful week than me!

Well, thank God I was able to shuck off those big long positions earlier today and man up on the /ES short.

It's the final hour of the week. And, yet again, what an amazing week it was.

I'll say this one thing: the charts for my PUTS are gorgeous. I've said it before, but I'll say it again. Even though I keep doubting how much more blood we can get out of the /ES (which is why I'm so danged capricious with it, to my detriment), these puts, in my opinion, have only started their moves. The earliest expirations are May, and I've got 'em going out a couple of months beyond that.

You can, as you know, look at any of these symbol lists in the right column's Watch Lists.

I just want to mention my admiration for Atilla and his xTrends website. We kid around about "the blog that shall not be named" around here, but that's mainly because the culture in the comments section can be a bit more sycophantic than Slope's. But Atilla himself is obviously a terrific technician and a marvelous trader. His trading record (and Sol's) speaks for itself.

He and I have never met (or even spoken, actually), but he's a ProphetCharts user who also did me the honor of having Slope as the only outside blog mentioned on his site. He's made millions of dollars during this bear market, and I'm sure we all could learn something from his methods (and patent-pending steel cajones). Great work, A.D.!

Well, enough of that bullish nonsense. I've dumped my MDY, ILF, and EWT long positions. Incredibly, EWT had a decent profit. I think when the market finally turns out, EWT is going to be a dynamite position.

But I've continued to scale up my /ES short position throughout the day. Not to be a broken record, but 600 on the S&P is still my target. I just thought we'd have a pause or two until then.

Sheesh.