If you happened to have been short the market this afternoon, you know why my title's appropriate, because every short got KILLED. Today will surely go down as one of the most cruel days in market history. People got short yesterday as the market appeared to break down out of its consolidation pattern near the close only to get stopped out as the market gapped up at this mornings open. This caused jubilation as the bottom was surely in, so get long, get long, get long was the cheer until suddenly.....it gave it all back. NOOOOOOO! It really is breaking down. It won't fool me again!! Short, short short, short this thing to death!!!!! I must be stuupiiiiid!!!  Then it happened.  Quietly at first, then it gained steamed. Faster and faster it rose. It has to stop. It just has to! And it finally did....but almost 900 Dow points later.  By then the damage was done. The shorts were toast, the neutrals were kicking themselves, even the longs were a bit dazed. As my Dad used to say "what in the sam hill just happened"? Quite frankly I'm trying to figure it out myself. This is the second time inside a month we've seen one of these massive short covering rallys after hitting a new low. It's only happened twice before in 110 years. Want to guess when? November 1929 and January 1932. Actually I'm not surprised by those dates as I believe that's the only period comparable to what we're dealing with now from an economic perspective. The question we need answered now is what next? The move today all but eliminated the pennant formation. It's right at the limit. Any move higher from here and it's dead. That would mean the bottom was probably in for this move. If you're long, just hold on. If your not, you should be able to buy any pullback. Only a massive move down tomorrow that takes all of todays move back on higher volume would negate what we saw today. If that happens I'll eat my hat! But you never know. Stranger things have happened. With the Fed announcing tomorrow...who knows? Be very careful. This is a dangerous game right now. Just ask the shorts.