My relationship with the market is pretty bad these days. I find it irksome and frustrating. Everyone seems completely obsessed with next Tuesday\'s Fed announcement. So everything is in kind of a weird holding pattern until then.

Just as yesterdays 100+ point drop got shaved before the close, today\'s 100+ point gain got shaved too. The Dow 30 is still below (but, again, just barely below) the \"safety line\" shown here in red. This is an agonizingly tight spot. If the market continues to be strong, it\'s going to completely screw up mid-term bearish arguments. If the market falls, it will be textbook technical analysis. But if we have strength, it\'s time to get out and get out fast.


During the peak today, I felt a lot of oil service stocks had really reached their limits, so I bought some more puts there. OIH softened up a bit. I\'d still say $152 is a good stop loss point for OIH and, in principal, the component parts of it as well (at different prices, obviously).


The S P 500 is clinging to that line like there\'s no tomorrow. Click on the image to see it more clearly. There\'s an ascending resistance line that the price is just smooching, day after day. It\'s kind of weird, I must say, but at least it\'s predictable for the moment.


If the markets move higher, I\'ve got to believe $TRAN will be especially strong. It\'s had a horrible time recently, losing the equivalent of about 1,800 Dow points from its peak. But it\'s at two major support zones right now, and it could easily bounce higher from here given any general market strength.