I was looking for a rally today and I got it….at least until it disappeared.   I hate being wrong and I was wrong about my expectation for a short term rally starting today.  When I look at the market action from the last week - today was the worst, Friday was second and Thursday was the best.  Now I know you are going to tell me I got the math wrong and that the declines were biggest on Thursday, then Friday, then today.  But what I am talking about is the interpretation of the moves.  There was significant selling going on today from the gap up open until it broke down this afternoon.  I have been critical of the short sellers and while I still think they have sucked for many months, today was impressive.    If they did some covering, they did it well.  Meanwhile, the bulls were dumping shares.  So if you are a bear and I offended you…don’t hold your breath for an apology - just do your thing.   Today was a great opportunity for the bulls and they screwed it up.

Meanwhile, I gave more new UP signals than DOWNs this week.  As I hinted in my previous post, I took last week as an opportunity to “cover” some signals that I thought had been sold out.  And I didn’t overreact by dumping a bunch of stocks that had already suffered.  With today’s action, it appears that I might have been too optimistic for a relief rally.  We’ll see….