Today turned into an "uh oh" day alright, only it was the shorts who were scrambling for cover.

As I mentioned last night, the end of the quarter is upon us, so keeps your stops tight if you're short just in case the bulls get a toe hold. Today is a perfect example of why you do that.

Never get over confident and dig your heels in to deep. The market was clearly saying early on that short was not the place to be. That doesn't mean the bull is back, but never say never. Let the market tell you what it wants to do. 

The move today brings back the possibility the market could put together another run to the upside. A move above last Fridays highs would increase those odds considerably. It's not what I expected after the last two lackluster days, but sometimes that's how it happens.
 
The market could be putting together a H&S pattern, or perhaps even a megaphone top. We'll have to let it tell us what path it wants to take.

There is some data I follow that suggests a pretty torrid rally into the summer could materialize. If the market holds together here, I'll have to give it serious consideration. 

Tomorrow is another critical day. The market will have to move back lower NOW to keep the (immediately) ultra bearish case alive.

Remember, if this was easy, everyone could do it.

Oh yeah, and Sam, remember to drink your water!