Sorry it's been so long since I did a post; I had a very busy afternoon.
I was delighted and relieved to see the opposite of the PPT (some call it "sense") show up during the last chunk of the day and wipe out all the gains. What's going on is pretty fascinating (and stomach-churning). The bulls keep trying to launch the market back into the quadruple-digits, and they're getting disappointed every time. Think maybe they might be getting a little discouraged?
What has happened the past five days in a row is that candlesticks are being formed with very, very long shadows. It's like legs extending from either side of a bug. Those "legs" represent the army of bulls and bears shoving each other back and forth across the zero-line. There are huge, huge amounts of smoke and, in the end, very little fire.
It has been a long time since I've been this short the market. The only longs I have right now are DYY (as a nod to the potential strength in commodities) and a smattering of silly lottery plays. Otherwise, it's all puts (long-suffering!) and shorts.
The market continues to be a staggering amount of work for virtually no gain (if you're lucky). The past three months have been remarkable. I hope we never see their like again.