Bears progress.

As Ive said, being a bear is not an easy life. Having already taken a caning on WOW and ANZ, I was forced to clear oil longs and MIM shorts yday, turning what had been a good profit into a loss. That will teach me to try to second guess the market.

Now, not only are the allies not impressed with Saddam (would you be?) with oil returning to previous levels; the US tanked and set a cascading bear setup into play. A little 3 day H&S around neckline SPX 880 (delivering 840) is nested inside a bigger one from May (delivering 800) for a retest of low. On top of them all sits the mighty grandaddy at neckline 950, which will be in operation for years.

Surprises are always on the downside in a bear market!