Just to remind you who’s in charge look at yesterday’s action.  19.59 point range in the SPX, with long tails (or “shadows”).  These are the fingerprints — or pawprints — of the big hedge funds and traders who are implementing very short term trading strategies.  In this methodology an extreme move is met with profit taking and entry into the trade in the opposite direction.  That is why we see the long shadow at the top of yesterday’s bar.  Traders, whether they were long or not, sold the market at the extreme.  These are not guys you want to play poker with — or any other game involving money.  In all likelihood they were taking profits at the lows today.  We watch these things with the fascination of the rat who is about to be eaten by the cobra.

All the snakes are not out in public.  Many are operating behind the scenes.  For example we point out what the vulture capitalists are doing:  funding ventures they want to keep from making money.  !!??  Yes Virginia there is a Santa Claus and he is preparing to pick your pocket.  Read this and weep for the state of laissez-violer capitalism:  http://tinyurl.com/d72yaqb .