Sweet Relief

Today started off miserably, as so many days have recently. The gullible, naive Chinese investors bid their markets up again to impossibly high levels. The sheep in the U.S. were prepared to follow suit. The crooks (Paulson, Bernanke, and a certain cable network I shan't name) were ready to win again. And the Dow pushed up another sickening triple digits to another lifetime high.

Then it snapped.

I am delighted at the snap, but two down days does not a bear market make. This crooked bull market is still intact, and even the pleasures of late July/early August couldn't put an end to the charade. It's still going on. But a day like today is a nice change of pace.

Sometimes you can tell a top is in place by the snarkiness level of the bulls reaching new highs. One turd named SuperBull (now banned from here) wrote, "I really appreciate your updates of shorts. Now I know which stocks to buy now. Hehehe..." His IP address is 24.7.109.80 if any hacker types want to have some fun with it.

dowoper8tr wrote, "Face it, you perma-bears are fighting the Treasury, the Fed, every brokerage, every investment bank, every PE firm, every pension fund, the White House, CNBC, Cramer, recycling petro dollars, recycling commodity dollars, cash rich Euro's and Asians with an eye towards U.S. companies and any other entity that has a VESTED interest in seeing the market continue up. Can you possible be more tone deaf to the market??"

And some anonymous person (IP 71.187.228.132) wrote, "It seems you BEARS haven't learned anything." I don't think it's the bears who can't learn. I'm telling you, this is like 1999 all over again. I'm in this Valley. I see what's going on. And it's a carbon copy. Absolutely a 100% duplicate.

I mentioned today that I bought Russell puts near the top and sold at the bottom. One person made a comment indicating I was lying. I wasn't. When I mention my failures, like getting blown out of GS, no one accuses me of lying then. But when I nail a profit, I get accused. ESAD, dude. Anyway, here's the intraday graph showing my entry and exit point.

The logic was simple. In spite of being horribly depressed at the rise, I made the trade based on the trendline that I expressly wrote about this morning. The value of the option increased about 20%, and as much as I felt it might become far more valuable, I became concerned about the Fib retracement which, again, I explicitly wrote about before the close. So I took my profits. There is no b.s. to this.

Apple fell away from its upper trendline nicely.

Chinese search engine BIDU was ostensibly the reason the market started suddenly falling, since a major investment bank splashed water on their revenue estimates during the middle of the trading day. I can only smile when I think of all the people that rushed in to buy this p.o.s. at $360. Just look at that volume.

FXI is above every conceivable trendline at this point.

GOOG has been ascending from its third (and tiniest) saucer pattern. I bought puts on this when it was trading around $640.

Everyone's favorite momentum play, RIMM, sports an enormous bearish engulfing pattern.

King of the Hill GS was sky-high. I secured a put position near its highs today, but I will just as quickly exit if the criminals manage to pull off another ascent.

I have no idea what AMG does, but I have puts.

Commodity-related items have been stratospheric. So there is some damage here too.

I try to be polite. But don't believe it. Bulls, you are frauds, sheep, and charlatans. I hate you. And you will eventually be destroyed. The day of reckoning has been painfully elusive. But it will come to you as suddenly as today's whipsaw. Stay right where you are.