Well, this has been a pretty rough day for the bears. It seems that all of the "bad" news has suddenly turned around. The nuclear problem is under control; Libya seems manageable; big corporate buyouts are happening. In short, the past three days have been totally owned by the bulls.
I've reduced my risk in the face of this, and I'm presently 57% committed and tending to my wounds. We haven't violated the series of lower highs, but one more day like this would do serious technical damage to the short-term bear case.
