It's been a long time since I've been able to write this, but today was absolutely sensational.

We are at a crucial point, however, and I would be very surprised if the market didn't recover somewhat at this point. For the /ES to push about 15 points higher from here (to around 900) would be healthy for the bears, I think.

Here's something simple I put together:

The horizontal lines are simply the Fibonacci retracements on the /ES from 1/6/09 to 3/6/09. The /ES has been quite fond of clinging to these levels. Now that we're at one of them, I imagine it'll noodle around here or fight its way higher. I am long the /ES right now as an insurance policy, since I've got 201 other positions, almost all of them bearish.

So the best thing for the bears right now would be (a) a push up to the 895-900 area; (b) a resumption of the drop; (c) which pierces the 880 level. At that point I think we've got a clear pathway to 835.

I'm very proud of us; good job, Slopers!

I have gone long 20 @ES at 883 with a stop below 880 as a hedge. This is a key test for the bears.

That's the end of the rally for FAS. Couldn't happen to a nicer guy.

Here are the various major levels of support on the S&P. I am having the best day I've had in ten weeks. Those Goldman Sachs bastards better stay away this time. I'd really appreciate it, fellas. Thanks so much.

Huge. Ginormous. Christine Romer big.

Well, I'm in a difficult spot. I'm looking at the biggest dollar gain in my portfolio in at least two months. I have 200 positions - - almost all of them bearish, and almost all of them profitable today. My daily percentage gain as of this moment is 3.57%

Having suffered through the last 9 weeks of government-induced insanity and fraud, I'm almost inclined to hit a Close Everything button (if they were such a thing), but the rational part of me realizes that many of these positions have just started their fall.

The right thing to do, as always, is simply tighten up stops. I've got to say, though, this is an incredibly uncomfortable place to be, because in the span of three days I've recaptured virtually all the lost ground of the past two months, and it's tempting to lock it in. Decisions, decisions.........