After hitting a correction low in March, the buying dips mentality held and stocks rallied to new 2011 highs. The upswing was contained within an ascending channel; however, yesterday the bottom levy gave way and selling has poured over, collecting at the 50 day-average for the NASDAQ and S&P 500.

The interesting aspect to the enclosed 15 minute chart of the ProShares UltraShort S&P 500 ETF (NYSE: SDS) is that off of the recent double bottom lows at 25.35/36, the SDS rallies have undergone very "disciplined" pullbacks that have preserved the prior near-term breakout levels. Those levels, which are prior resistance and now support, are at 25.70/80 and then 26.30/20.

Wheeeee, what a ride!

In a week where I had already been calling GS "Goldman-Madoff" and I had predicted on Wednesday that the rally would last "until they start arresting people" and we featured the above video on Thursday afternoon to illustrate what a crooked scam the financial marketplace had become that it finally hit the fan on Friday morning when even the WSJ could no longer ignore the evidence that myself and a