UPDATE 3:29pm EST: This morning I pulled up OptionMonster.com and saw the following posts:

Folks, this is why most traders lose in the market – they rely on news or analysis by people who either don’t have a clue or have their own agenda. Had I been going long today after reading this I’d be really feeling it – luckily I stuck to my charts 😉

This is something I need you to drill into your little skulls, rats – next time you see a slew of headlines like this – as yourself – what the hell do these guys know? Exactly – nothing – which is why they keep finding themselves on the losing end of the trading [...]

UPDATE 3:14pm EST: Wow, the bulls seem to have capitulated after their early morning exuberance:

It seems that we have completed (iv) and are now inside of (v) unless this is already Minor 4 in which case this could be the b wave, which would be followed by a push to the upside. Again, this is only theoretical and I just wanted to throw it out for you rats.

UPDATE 1:32pm EST: I just got back and was a bit surprised to find such a violent retracement. Would have expected to see 790 before I see  760 on the ES futures.

Maybe this chart will tickle your fancy – it seems that we are in a reasonable up channel and a breach of the highlighted area (760) will probably indicate that we push downward. If start pushing back up from here and buyers step up their game once more I wouldn’t be surprised to see 790. One of those days where it’s tough to make predictions – you have to draw your lines in the sand and position yourself in spots where your pain threshold is limited. Because if you are exposed you [...]

UPDATE 11:00am EST: I’m going to be in and out today as I have personal business to attend to. Market gave us bears a nasty open and it’s been up up and away since then.

We seem to run into a wall around 778 but there is a real chance we’ll make a push for 790 today which would represent equality for a c-wave. At which point I will load up on puts again – would you expect any less? 😉

In all seriousness though – the bulls are gaining confidence and if we breach 800 and push towards 810 or above I would probably run for the hills as the wave count would become soft at best. That’s pretty much the plan for now – [...]