Thursday, May 27, 2010

S&P 1094 Breaks

After a few hours of sitting right near or at S&P 1094, we appear to be moving above it now. 1102 is the real key figure but you can almost hear the "don't fight the Fed", "the liquidity tsunami is overwhelming" talk now. For many many months on end it has been a market that simply churns upward only stopped by the times human emotion overwhelms the computers. When that happens selling overwhelms and we drop; otherwise 8 out of every 10 days it's the slow churn upward.

If we once more pull off a V shaped bounce and cut through these next major resistance areas as if they don't exist, I shall once again be slack jawed but no longer in awe. It is now par for the course and there is almost an inevitability about it. Frankly in about 40 S&P points all this will have been a bad memory and 40 pts can be taken care of in 1 or 2 premarkets.


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