Not Calling For A Crash...

...Only because it's a sucker's game.

BUT...I think we are going to get hammered right here and now. Looks like we might have one more wave down which would likely be more violent than the last. If that is the case it is going to be incredibly UGLY...soon. Honestly, I think we could trade to 11K on the DOW- which is 10% lower from here. Consider the implications.

Why the crazy bearish sentiment on my part? Simple. My watchlist. Going through the list (of like 500 stocks- haven't counted lately) almost EVERY chart looks the same. Broken support/trendline, rally back to previous support/trendline- which is now resistance stopping the advance! I swear it's uncanny how many charts look EXACTLY the same. I have NEVER seen anything like it. I ran through about 80% of my list Saturday and I've had a nauseous feeling ever since.

If the market opens anything but down big on Monday I am going to sell the hell out of it. I'm scared of the risk but I have to do it because the potential opportunity is so huge. Worst case, I'm wrong and get hammered. Getting aggressive with any idea is particularly frightening ahead of the Fed on Wednesday. The risk is much higher than I'm usually willing to take but my intention is to go all in this upcoming week.

The problem is there are so many opportunities that my head is swimming. I want to short chemicals, commercial real estate, financials, transports and oil stocks. I'd short tech too. You could just about throw a dart at the stock tables and hit a good short candidate. They are EVERYWHERE. The key though is financials which have been my market tell ever since last summer. Last week they were strong, hence the general market rebound. Now that they've all rallied back to support (now resistance), well, you can guess what happens next.

It's also worth pointing out that my upside target was hit- 12,500 on the Dow Friday morning and we've been down ever since. I was hoping for 13K but no such luck. Unless I'm wrong and we rally through 12,500 next week as Bernanke's helicopter buzzes overhead, in which case I'm gone.