Pump Fading

So this morning we were reassured by the Fed that they will take every precaution to avoid the pain. Just what the market wanted to hear. The details aren't important. It was reason to celebrate. And celebrate we did, up 2% across the board at the open.

However as the day wears on the pump is fading. The air is slowly being let out of the balloon. As I type we are sitting right on the key level for the S&P. 1493-ish. This must hold for the bulls. If not the bears may be back in control.

Considering my positioning coming into today I should have been taken out and shot at the open. It wasn't a pretty picture but I expected worse. By 10:30 it wasn't looking too bad. The loss at that point was manageable. I shorted a bit more. By 11 o'clock I had turned green on the day. Shorted some more. Now I'm solidly green and increasingly nervous (as the next bailout could come any time).

When you feel like you should be down HUGE and you aren't usually it's best to stick it out. We have these big up days where I should be getting killed but my losses are manageable. Tells me to be patient through the pain. Today, I feel as if Bernanke personally and deliberately tried to screw me. Has the feel of a hail mary. If anything the action today has emboldened me. I need the key support levels to fall or else I may regret putting so many chips on the table.