10/24/2008 Update

Did I mentioned I turned bearish yesterday? Whoops! Better late than never I suppose.

I have developed a way to look for distribution patterns on the 30-min, and I bought SPY puts at the false break yesterday. The rally was fueled by energy shares and was all smoke and mirrors.

I don't have time to update today, but the old lows should not hold and prior bear market lows will probably be revisted very soon. The fast the government lets this happen the better, but they will continue to try and intervene and just mount the selling pressure.

UPDATE (10:15 AM EST): This does not look like capitulation. At least not yet.