I'm tilting more and more bullish. Part of it is that my shorts are blowing up one by one (which is what stops are for), part of it is that my IRA longs just keep kickin' butt, and part of it is that – – well – – let's face it, the sell-offs are pathetically tiny.

So I'm taking a simpleton's approach and going long on those items which look most promising. Here are some new positions with the stops I am using.

A 17.25
ATHR 14.81
BHI 35.04
CMG 71.29
COMV 7.99
FST 17.12
LUK 19.64
OIH 100.37
PBI 21.03
SII 26.54
SPWRA 24.29
TS 25.95
TXN 16.56
UPL 43.99
VFC 53.50
WFR 15.42

Trying to short this market over the past 11 weeks has been nothing more than a colossal waste of time. And that's all I've got to say about that.

If the horizontal line at 1.3739 gets broken to the upside (top of the tinted green area), I think we're headed to about where that horizontal blue line is drawn. This would probably be a big plus for precious metals and commodities.

Well, the big day (and little toe) is here. This is what I'll be singing (and, for once, my wish is virtually guaranteed to come true):

First off, a number of people have written to me wondering about the survey that shall not be named (the one about the technical analysis-based hedge fund). Rest assured I did get your responses (and I was really surprised at the magnitude of the response) and, for those folks that are ostensibly accredited and have a strong enough interest, I'll be in touch with you in all likelihood during the summer months.

Second, for a while I've been wanting to show the following clip. It is my impression of what a blogger's last day would be like (I've got one in particular in mind). I had always remembered this scene from Forrest Gump, but it was nowhere on the web, so I bought the DVD and took this little clip myself. See, I'm always thinking of you guys!

It's pretty evident that Slopers feel the same way about the market these days as I do, in spite of the reprieve in the last hour today.

 In keeping with the Oprah motif, my "big beef" with the market is the lack of a theme. To me, a good theme is a general philosophy you can buy into and stick with for a period of weeks or months, such as……

• "Commodities overall are going to go up";
• "Technology stocks are going to fall";
• "Anything to do with precious metals is going to be in a major bull market";
• "Casual dining stocks are going to get killed";
• "Battered name-brands that are less than $3 are going to rebound strongly"

That last theme is the only one that has materialized, and I've stuck with it to good success. But even that one is running out of steam, since my IRA stocks are not rising effortlessly like they used to.

We have themes that last a few hours these days, but nothing truly lasting. The result is that it makes trading (1) a huge amount of work; for (2) at best, small profits (if not outsized losses for all your trouble).

If nothing else, I am opinionated, so I will offer this, which I truly do believe: if the highs from May 7/8 aren't taken out this week, I think the bulls are in for a meaningful correction; if we do get new highs this week, I think the bulls could carry the S&P back into the quadruple-digits with virtually no pause. If today's rally had held together, it would be extremely good for the bulls (which is why, God forgive me, I put up my TWM—>UWM post). But it didn't hold together.

So we remain in a state of uncertainty. Time to get my massage oil ready.