The Retracement Awaits

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Good morning, fellow Slopers.

A friend of mine told me a few months ago that it had reached the point where he was getting all his news straight off the Slope comments section. For me, that's become true as well. To borrow a term from the 1990s bubble, Slope has indeed become its own "portal". I first learned of the Madoff scandal right here, and I even learned this weekend that Slope got a mention in Barron's (thanks, Theresa!)

Looking at the market pre-open, we've got a nice 10 point drop in the /ES and, just as important, continued weakness in the EUR/USD (shown below). As I said last week, it's been a long time since my portfolio has been so bearishly aligned; I even threw my commodity longs under the bus. A return to about 880 on the S&P would be healthy for bulls and bears alike.