And there's your 2% day

A few days early, albeit, and wrong personage, but...:

http://www.traders-t...?...st&p=627203

It's too obvious. Seldom do two such nicely symmetrical wave structures give rise to a third wave of the exact same proportions. I am amazed we dropped right on schedule though...

I think it quite possible a lot of people are going to get short here and we'll end up blasting higher that will suck a of bulls in and keep shorts from making any money. Spain is looking like crap again - all Merkel has to do here is say something nice and you will get a huge rally in Spanish bonds again, an accompanying advance in the Euro and a 2% up day on the S&P from short covering. From what I see, hedges are rife, sentiment is bearish, and earnings are better than expected. How are these conditions as setup for 1266?

We will drop once earnings season is over and thoughts about next quarter start to worry people, no earlier.

I would not be short for more than a day-trade until earnings over, and I'm standing by it.