Warning, Bear Trap Ahead (Update)

Thurgy still feels we do not find that tradable bottom until the QQQQ finds that double-bottom, or there abouts, at 24.75.  On the S&P 695'ish is a level sellers will be sitting at.  Everyone and their mother is getting long the Financials anticipating the suspension of Mark-to-Market accounting on Thursday.  Need I remind you what happens when everyone is buying on the rumor?

Thurgy also feels a better entry in oil would be after a pull back  to $45.  Gold has reached an inflection point but I feel 875 is in the cards after another headfake higher.  When the retail investors give up on Gold and Cramerica is flushed out then it's time to get back in.  Until then Thurgy is still short Silver at $14.

Edit: I'm not saying an oversold rally isn't coming, just warning that I wouldn't load up on the long side based on the outcome today.  I realize everyone is itching to get in on a ginormous rally but Bear markets are known to break both the bulls and the bears.  The fact that everyone is loaded up on Calls right now (according to Put/Call Ratio) only tells me it's not time yet.