I thought the 1172 was a long shot, but apparently not so, as we just crossed it in intraday trading. Now we need to see some major follow through on Friday, as well as close above it by the close. If it does that, we should look to see whether the S&P can break above 1200 tomorrow. But closing above 1172 on the S&P today is an absolute must or we are just looking at another short opportunity for the bears. Either way I'm sure to be hanging on. 

I found a good video below showing the bulls just knocking today's price action out of the ball-park.

Over the years, CNBC has become less and less relevant to me throughout my typical trading day. The one thing though, that keeps me tuning in from time-to-time is the infamous Rick Santelli, who huffs and puffs about the state of our country and the politics that surround it, and working as the spokesman for the 'Silent Majority'. The guy is a treasure of brilliance and should be listend to a lot more.

Maybe the surest trade in the market is becoming the "Bernanke Short" trade that occurs everytime Diva Ben opens his mouth. The guy has got an eye for the camera, and has quickly become a media-hound who is desperate to see his face on the television. With the pace that he is on, I actually expect there to be Bernanke sex tape leaked to TMZ in the coming weeks, or perhaps he'll star in his own reality tv show called "Wreck My Country!" with a guest appearance from Paris Hilton.

Everything was going fine today - the bulls had control and was trading above the 20-day moving average, then in his glorious ways, Bernanke talked and the market balked. Check out the chart to the right and you'll see that as soon as he took the stage, the market once again went right down the crapper.

For those of you who use Twitter as a part of your trading each day, it is a great way to find some concrete trading ideas as well as get breaking news well in advance of CNBC or Fox Business Channel. However, also on Twitter are a lot divas or those set on telling you how great of a trader they are or how smart they are, and if you subscribe to their trading system you can be just like them. Then there are those who just continue to use the same expressions over and over....and over again. To put it mildly, even if you unfollow them, their followers use the expressions, and if you unfollow them, well, someone is bound to retweet a tweet that was retweeted by a tweeter. So what I have done is compiled a list of expressions that are overly used and provide nothing for other traders that might be reading their tweets.

My football coach once told me that when you catch a pass, make a first down, or score a touchdown, to act like you've done it before - all the celebrations and dances makes it look like you've never done anything significant in football. Now while I'm sure that these people who are using the expressions listed below may have experienced some success in the markets, their 'tweets' lead me to believe that they haven't. So stick to the facts, and knock off the "look-at-me, look-at-me" shenanigans that make you look like nothing more than a buffoon to the large majority of tweeters.

The 10 Most Annoying Twitter Expressions:

1. "I called the top yesterday - hope you all followed my advice" - You want a star? A Smiley Face? an "at-a-boy!". Give me a break - you're not as good as you think you are. These are the same people that typically think that a dollar (if that) that they make in the stock market is somehow different than the dollar you or I make. 

2. "Boom", BOOOOOOM", BOOOOOM!" "Boom Boom" or "KaBoom!" or any similar variation - for some reason just when I think I have weeded out all the "booms" from my twitter feed, someone decides to retweet one. Gotta say - probably the dumbest expression by far that I have come across. I think it is honestly a way of camouflaging inadequacies in other areas ;)

It was a valiant effort, but at the end, the bulls managed to get this old bear to pull the plug on his short positions. Fighting the Fed, headed up by the almighty Bernanke and his endless supply of cash, was just to much to combat. In the end, I am confident about the devastating effects of what QE2 will have on this great country and its economy, but while I know I'll be ultimately be proven right, there is no reason to bleed profusely from it in the process. I know, I know, the old saying of when the last bear has thrown in the towel, the market will finally take its course, and while that may hold true, I don't have any desire to be the last one out the door (though the way everyone has become so bullish on this market, I'm beginning to wonder if I truly am the last bear in existence). 

With that being said, I present to you my Montage to all those who have tried to short the market of late, for better or worse. I know what you are going through - the pain and suffering, the skepticism and doubt that arises when applying technical analysis to the downside, the thought of following some third-grade illiterate on twitter, because he seems to be making all the right calls to the long side, only to see him somehow miraculously squeeze you out of your positions, or watching Al-Jazeera Television in the wee-hours of the night waiting to see whether someone is going to hurl the molotov cocktail in the air - I know what you are going through and I feel for you! So this is for you and your suffering!

Recently I was sent a video tape of a secret video tape of a meeting that took place between a major "bull" player on Wall-Street and one of more notorious bears of our age. I've included the video for you below, with a few of my antidotes. 

At first, I couldn't figure out who the bull was, but then I realized that it was a person we are all familiar with on a daily basis, only he has disguised himself with a beard.

Now there were in the same country shepherds living out in the fields, keeping watch over their flock by night. And behold, an angel of the Lord stood before them, and the glory of the Lord shone around them, and they were greatly afraid. Then the angel said to them, “Do not be afraid, for behold, I bring you good tidings of great joy which will be to all people. For there is born to you this day in the city of David a Savior, who is Christ the Lord. And this will be the sign to you: You will find a Babe wrapped in swaddling cloths, lying in a manger.”

And suddenly there was with the angel a multitude of the heavenly host praising God and saying:
“Glory to God in the highest,
And on earth peace, goodwill toward men!” Luke 2:8-15

Merry Christmas! I hope you all have a wonderful time with your family and loved ones on this most special of time of year.

God Bless,
Ryan Mallory
 

Its been a while since I've put a post out there filled with humor, so I thought I'd post this one for you all to enjoy this evening.

I don't know about you folks, but I'm quite glad it's the weekend. We got another good sell-off on Thursday, but on the week the bears were only able to push the market about 0.37% lower on the S&P. The late afternoon antics like saw today is no doubt getting a bit exasberating. Nonetheless, a couple days off will do me good, get rested up and ready for the week ahead. I'll be sure to post the NYSE Reversal Indicator as well as the T2108 and the updated Market Barometer.