In the wonderful movie Master and Commander, Russell Crowe's character sees that the Acheron, the enemy ship, has managed to sneak up on him yet again. "This is the second time he has done this. There will not be a third."

I decided the same thing about /ES earlier this evening. Although I was short, I was quite concerned about the strength I was witnessing when the /ES was up 4.50 points. I reversed the position (purchase price=814), and I also bought into 25 /NQ at 1256.89.

The pullback from last week's strength was short-lived, and with a general target of about 1050 on the S&P, I need to be more bold with my /ES (and /NQ) long positions. The first couple of times I've gone long I only took a couple of points. That needs to end. I need to take a bigger piece out of the move, which means wider stops and more patience.

Both positions have, just in the past couple of hours, moved nicely into the green. I think I'll do a post tomorrow on why I'm feeling more comfortable in my bull suit these days. It's an important topic.

Hey, here's my tip for my fellow bloggers out there – – if you ever want to bring out the freaks and lead them to your inbox, just do an April Fool's Post. God almighty in Heaven. What a day. You wouldn't believe some of the emails I got.

Anyway.

The market's weakness has, so far, been a two-day wonder. I've been tilting to more bullish positions (particularly commodities and energies) just in case the bulls kick things into high gear again.

I know all eyes are focused on the whole Mark To Market thing (which reminds me – – my house is worth $20 million. And my blog? Twice that much). This could be yet another instance of Buy the Rumor, Sell the News. It would be kind of a kick if the banks got the FASB to let them lie their way to profitability, just as they are demanding, and then we saw banks tumble (and FAZ soar). Just a thought.

Some bloggers just do one medium sized post at the end of the day, whereas I seem to be in a mode where I bombard you with little posts all through the market hours and am burned-out by day's end. So that's kind of where I'm at right now. I'll write more later if anything meaningful pops in my head. Rest assured, it won't be another gag.

Seems to me we've got a bit of a range going on here.

A lot of my favorite charts right now on the long side are energy plays. They are all essentially different versions of this:

All along I've been saying when the countertrend rally really kicks in, energy is going to lead the way. I still believe this.