re: we're in a bear market, good point.  I had an order to short ready to go on the open this a.m., but missed it thinking we would bounce a bit more on the open.  I think a lot of folks drank the Fed Kool Aid and got scared off from shorting.  Looks like the no short rule backfired today.  Could see a real slide soon as there aren't many shorts to cover on financials to make a usual bottom and rebound.  These Fed clowns may have opened the trap door into the abyss. 

I think gold got pulled to it's high today by the bs with the front month oil contract that hit 130 at one point.  I tend to think they both made short term tops today.  Dollar also tested 76 area.

the nearby oil contract October that expires today is up $20, Nov contract becomes the active front month tomorrow and is only up about $6.  some of that move may be due to the $20 move in the October.  I've seen oil make substantial tops several times on expiration day, got caught in a short squeeze like this once myself, though it wasn't the $20 variety.  I was looking at shorting USO today but it didn't get pulled up that much, trading more in line with November crude.  Could have scalped over a buck though off the short, I expect it will be down more tomorrow.

Oil spike likely due to contract expiration today, traders are going long and forcing short covering as contract closes out today. That from CNBC, but it makes some sense. Probably turn back down tomorrow if that's true. Oil stocks via (XLE) not buying it much, but DOW down 250 is probably dragging them down....
No doubt the weak dollar is a partial factor in oil rise

seems USO may be a good short overnight with Nov contract trading almost $10 lower.

good call rp, GDX also filled a gap from August today on the daily chart

re: SKF, just talked to proshares and they explained.  Price set to NAV of 85 on Friday even though it closed at 100, so today it's basically up over 10% based on that.  For now it's trading like a closed end fund since they can't make new shares for now.   You can get the accurate percentage gain loss based on Friday closing NAV using symbol $SKF.IV on Ameritrade, or $UYG.IV

What's up with SKF now?  It's down 3%, should be up 10% based on XLF down 5%.  UWM also whacked out, but more accurate, it's down 4% but should be down more like 10%

Seems a lot of folks are drinking the government kool aid and thinking a bottom is in stocks.  I doubt it....

re: Ameritrade MM, I assume that's just the Reserve MM Fund, and they only have a few clients in that.  They quit using reserve funds for the most part other than the Reserve Treasury fund several months ago.

Abelson makes a good point in Barrons this weekend;  After the RTC was set up in 1989, he notes, it took two years for the economy to turn around, three years for housing to recover and a year for the stock market to bottom.

I noticed the weird action in SSO and in SDS, what's going on there?

rp,  keep posting, I'm enjoying your thinking on this.  I think there is a strong chance we've topped today, lot of resistance right above today's high based on this chart.

S&P attemting retest of the highs, might take a short there with a stop 1265 area.  What's your read?

SKF inverse UYG is still trading, somewhat surprised by that.  You should be able to short UYG and get the same affect as long SKF.  I've been saying shorting the 2x long funds is a safer play, looks like that turned out to be right

re: SKF issues, is it safer to short the long funds, UYG in that case or SSO for the S&P?  Seems if they collapse from counterparty risk, short could actually benefit.

Why is SKF halted?

XLF up 21% as pointed out, SKF down 24%, should be more like 40% relative to XLF?  However, UNG the 2x long financial etf is up 26% so for some reason the 2x funds aren't performing.  Are they subject to new shorting rules and could that be skewing prices?

re: XLF is up 20% but the SKF is only down 22-  how do you explain that, which one is wrong?  Is there a trade there?

When the market rolls back over from this relief rally on these desperate measures, question may be, "sell to who"?  There won't be many shorts to cover and help make  a bottom.  To me this increases liklihood of eventual market meltdown.