Intra-Day Update: Watch Yo’self

UPDATE Opening Bell: Bulls are storming the beaches right at the open of the gate – I was right to not trust the tape yesterday. Maybe this is the rally we are waiting for, allowing us to load up on massive short positions. Just FYI – this rally has no volume compared with what I saw yesterday – I mean nada, zilch, nichts, rien. While Berk and I get our bearings straight here are today’s retracement levels.

UPDATE 10:46am EST: IF you took a hammering in the rally up – just FYI – YEN has been holding at 1.0405. IF that one is being breached I will cut my short positions.

UPDATE 11:12am EST: Damn, that was a bit scary – glad I didn’t sell at the top. Not sure we’re out of the woods just yet, but I’m watching that Yen pivot like a hawk.

UPDATE 11:20am EST: Wow – crude just tanked by 2 points in 20 minutes. I wonder when my FSLR puts are going to make a move.

UPDATE 12:19pm EST: Just wanted to let you guys know that we just pushed below the low of the {b} wave at 845.27 – this means that the triangle is officially out of the picture. We either go straight down from here or we rally.

UPDATE 12:49pm EST: We just made new lows on the SPX – wait for it though – the Yen is approaching a pivot and I doubt we’ll push through it at the first try. Yen looking very overbought right now (87%) – might need some recharging on my stochastics. Wait for a rip folks!!

UPDATE 1:06pm EST: Watch the 819 pivot on the ES futures.

UPDATE 1:51pm EST: This is the new wave count for now – we need to turn around pretty much right here or I’m going into cash.

UPDATE 2:21pm EST: I hope this chart helps you guys – at least this makes the most sense to me. If we breach through the 50% fib, which also happens to be a retracement, it’s probably best to admit defeat and go into cash.

Actually, the 870 is a long retracement level, but I’m sticking with that one anyway due to the fibs.

UPDATE 2:48pm EST: Not sure what to tell you guys – this is looking pretty ugly. I have upgraded this spike now to wave minute {iv} up and if we breach the highlighted area the part is over for the bears. The rules are the rules.

UPDATE Closing Bell: Well, I have to go now and apply Vaseline to where it hurts the most. Berk will do a quick update tonight as I’m completely worn out and will do the weekend update instead. BTW, am I the only one who thinks this is funny?

Hat tip to all the institutional traders out there. You have to acknowledge true evil when you find yourself in its presence. Good job guys – you completely wiped the floor with the bears today.