People chased things short this morning because it had a pretty scary feel. I at the time felt like I had no idea why I was buying (because I knew, but it still felt wrong). Sort of like my hands were just doing it for me. Now I’m worried that the same thing is happening to longs. Is Le’ Fly going to be saying I told you so?

It’s like the market has been a pendulum on a slanted tabled, and someone just put a piece of cardboard under the wobbly leg, evening out the swings.

I’ve sold my purchase in ES from this morning at the daily pivot. Based on the way things usually go, it’s not a bad mechanical technical decision. There are other reasons, but at the moment I’m not entirely sure if I won’t face palm if it continues higher. Original target was 1562, but upon thinking twice, 16 Pt’s today seemed like too much to ask for right now.

I’m wondering if Dr.Bernanke’s plan will ultimately work or fail. If employment is not high enough to support to the economy yet, and consumer spending not great, wouldn’t that mean these newly employed people in crappy jobs still can’t afford to shop at fine TIF retailers?

I’m either feeling fatigue from buying so many times at such a relative high level in the market, or it’s time to take a long pull from the pipe, and insert a dramatic pause in the conversation.

Need more data. Need more coffee. Need more time.

BBL

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