As most of you know, two financial bloggers – – Atilla and myself – – are on opposite sides of the /ES trade right now. He is short, and I am long.

Now, as is also known, my tenancity with my longs pales to Atilla's tenacity on his shorts. He sometimes has made moves early, but even if the market moves hard against him, he usually holds on to the bitter end at a great profit. So this /ES short could move against him, but if history is any guide, he will direct the appropriate middle digit at the market, short some more, and come out a winner in the end.

But the basis for my long position is a simple one. Take a look at the $SPX with me:

Now check this out………..the high was 943.85 on January 6th. The neckline was 804.30. The classic targeted move would be to subtract the spread (139.55) from the neckline, yielding a target of 664.75.

How low did the S&P go? 666.79. How about that! I would call that marvelously on-target.

Having fulfilled this target, the S&P is clawing its way higher. This could be a beautiful trade (setting aside the fact I purchased this at 672 and got stopped out; cough cough; but we shan't go there).

The exciting part for me is that, if it does manage to get within spitting distance of 800, it will represent the kind of shorting opportunity that make grown bears weep with delight. I will cheerfully join Atilla in his trade if and when that time comes. If the market simply plunges from here, well, I'm wrong then. We shall see. But I think there's an opportunity for us both to be right in the end.

I have bought the June /ES (please note we have rolled over to /ESM9 now) and hope to ride it almost to 800.

I've put together a new page called Slocabulary, whose purpose will be obvious. If I've missed any important terms, please say so in the comments section, and thanks to everyone who contributed ideas for the "Rise" and "Fall" in 2009/2010 – – they were great! Anyway, here's what I've put in Slocabulary so far:

Over the course of the years that Slope of Hope has been
around, a subculture has developed around it, with its own
personalities, folklore, and language. Newcomers may find a handful of
terms perplexing. I want to be a good host, so here is a handy
reference to the terminology you may occasionally see on the board:

2Sweeties – a formerly-active commenter on Slope, and the creator of the Retracement Levels product.

AJC – Abby Joseph Cohen, the exotic and mysterious twinkle in
Tim's eye………..plus an astonishing market prognosticator! (Thank
you, thank you. I'll be here all week.)

Atilla – Atilla Demiray, the author of the xTrends blog

Beanie – A former regular on Slope, whose "en fuego" permabullish rantings led him to the oft-desired but rarely-achieved complete ban from the site.

Comment Cleaner – A short, usually content-free blog post
whose sole purpose is to keep the quantity of comments one must
download to a reasonable figure. The use of this phrase has diminished due to its shameless repurposing on other blogs.

Evil -The Evil Speculator site, popular among Slopers, authored by Molecool.

Mrs. Bear – The other exotic and mysterious twinkle in Tim's eye.

Ned – The arch-nemesis of Slopers, Ned is a bored sociopath
who finds time between mastubatory sessions to smear Slope with either
insane bullish ravings or cut-and-pasted screeds about politics. The
uber-troll.

NEW POST – An attention-getting comment that Tim posts to encourage people to hop on to his most recent musings.

Retracement Levels – A subscription-based web site popular among Slopers. Also known as RL.

Slopers – The guileful and erudite individuals who frequent this blog.

SOH -Slope Of Hope.

Sweet Jesus on a Biscuit! – A rarely-used and esoteric interjection proffered by Tim based on a particularly surprising event or observation.

The Blog That Shall Not Be Named – xTrends.com

The Lunge (AKA The Thrust, The Big Ride, The Bliss, and The Surge) – The anticipated multi-month raise anticipated in 2009.

The Plunge (AKA The Bust, The Big Slide The Abyss, and The
Purge) – The crushing fall of equities following the above-mentioned
Lunge/Thrust/Ride/Bliss/Surge in late 2009 and/or 2010.

Tim's Girl – synonymous with Christine Romer,
the Chair of the Council of Economic Advisors.Ms. Romer is honored by
occasional mentions on this blog because of the weighty issues she is
tackling with this behemoth of an economy. I could blubber on about the
meaty tasks she is facing, but the gravity of the situation is clear –
– if she cannot cut the fat that she and her team uncover, this
nation's problems will be gargantuan. Fortunately, Ms. Romer has a
voracious appetite for solving problems, and she recognizes that if the
mammoth crisis facing our economy isn't addressed, it will simply get
bigger and bigger.

TOS – Tim's employer, thinkorswim group (or the trading application offered by the same).

Toshi – Early in Slope's history, Tim showed this helpful video which is simultaneously disturbing and hilarious. Former regular Leisa henceforth referred to Tim as "Toshi", and, like the hostess of the aforementioned clip, the name stuck.