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The following graphs/charts (courtesy of www.Stockcharts.com) depict percentage gains and losses in the Major Indices and Sectors during several periods since the beginning of January 2011.
The first two charts show price action from January 3rd, 2011 to today's close. Prices topped in July of 2011 and bottomed in September. 
I lost interest in UNG (the Hun's recommendations notwithstanding) quite some time ago, largely because it was so cheap that the position size would be unwieldy. I was stunned today to see just how far this has fallen over the years.
It's a mystery to me why my utility bill from the good city of Palo Alto still hovers between $800 and $1000 every single month, but I think it has something to do with the fact that the geniuses at Palo Alto Utilities locked in their contract to purchase gas somewhere near the peak.
I am very eager to short the Euro in a big way (I did earlier this morning, briefly, but took a small loss when I decided to wait for a better price). I'm waiting for us to get back to that horizontal line, at least. I've got a "starter" position that I put on just now, but I intend to augment it.
I'm going to take a little time today to put the case for the new bull market from the October low. Negative divergences against equities here are very numerous, and for that reason bear market continuation looks more likely to me, but it would be a mistake to think that the bulls have no case here, and I'll be outlining what I see are the main planks of that case from a technical perspective.
In the short term support on the ES rising channel is clearly still holding, and until that breaks there's not much to see on the bear side here. The upper trendline of the channel is in the 1312 area, and ES has moved up an impressive nine points in the hour since I capped this chart to beat the last high. There might be more coming. Channel support is at 1282.5 this morning:
The force of correction is being held back artificially to lure in more late stage bulls. It is like a overflowing dam which is now ready to burst and sweep away everything in its path. The market is way overbought and way out of schedule for correction. I expect that prices will correct more than normal to bring it back on the track.
In the morning post (http://bbfinance.blogspot.com/2012/01/exciting-wednesday.html ) I said if for whatever reason the correction does not starts today do not be disheartened if you are short. I said it will make another attempt to re-test the high and so it did. Although technically SPX closed in green, it did not take out yesterday’s high. And SPX is showing seven consecutive green hourly bars. Also VIX and SPX both closed in green today. From past experience I think the selling will start very soon, may be from tomorrow.
