This market is clearly designed to take as much money away from bulls and bears on a daily basis as possible.
Look at the chart of the /ES below. We have a nice orderly formation of a descending right triangle. We break below the support line. The market moves lower in a nice waterfall fashion, making for clean entry points and neatly-placed stops.
Then, in the span of a single hour, it rockets higher twenty points, blasting me out of my /ES short (and FAZ, for that matter). So a fat big green number early in the morning becomes a small but still red number a little later. Infuriating!
As an aside, I will say that the commodity ETFs continue to look interesting as long plays (DBC in particular).
