Well, a good night's sleep was pretty much out of the question last night. I went to bed at 11 and, starting at about 2 a.m., was awake staring at the ceiling, telling myself I needed more sleep. By 4 a.m., I gave up, and here I am.
One wonders what Geithner, Bernanke, and Obama must be thinking right now. Their plan is in full-blown fail-mode. I think they've got one bullet left – God knows what it is – to sustain this fraud for one more thrust, and then it's truly Game Over. Indeed, I do not think what we're witnessing is "the big one". I think that's coming.
Judging from the candles on the ES, as well as the fact that the measured move from the triangle has been satisfied, the odds for a bounce seem higher than ever to me. But "bounce-watching" has become an unproductive hobby the past few trading days, so everyone has to basically take things a tick at a time right now, since the cross-currents have become legion.
I am in 44 positions – all of them short, and on a morning like this, one-fifth as many as I'd like – and am watching and waiting.
