HAVE A HAPPY FED DAY! - 8/5/08

This is why it is so hard to make money in this market. Yesterday, we were on DEATH GROUND, today, we are just partying like its 1999.

So this is the new pattern in this regime. S3 back angle => spring forward action.

STRATEGY: GET LONG AT CLOSE, HAVE STOPS BELOW THE LOWS.

My signals are still BULLISH. I am taking profits on my 1200 Aug puts which are now trading with a 1.00 handle.