Well, the five days the market managed to ease lower felt like a blow-out party for the bears, considering it happens so rarely these days. It's kind of like celebrating the fact that a kernal of corn was placed on your plate for dinner. Whoop-de-freaking-do.
The trendlines on the ES have both provided firm support for the ES thus far, and if it breaks 1439.25, I think it'll just give the bulls more courage. Earlier today, I eased into some bullish positions that have been strong in the recent past (ACI, AIG, ANR, AVP, CRK, PPL, SLM, TBT, XCO, XL) to balance out my shorts. I also took a few profits on the short side.