Finally the market has reached 1131, a level that has increasingly seemed like a forgone conclusion by computerized algorithm as all news...bad, neutral, or good has been bought hand over fist. As each day passes the streak of only 1 material down day for the entire month mocks the cautious. (Who you lookin' at Willis?)
Now we wait to see what happens. If this move had happened Monday or Tuesday it would be no brainer to fade the move as the rally without relent going though 5 month long resistance would be an invite to bet against. However we have now had 3 days of resting action and every bear on earth cowers before Monday morning. Hence when/if we break over 1131 bulls seem to be unstoppable until the betting parlor opens up for next weeks Fed meeting and the lemming reaction we surely will encounter as the speculators pray to the good ship QE2. Not that we need QE because the economy is fine mind you.
p.s. no worries if key resistance cannot be broken today...thats why we have premarket Monday.
p.s.s. Has anyone seen a Hindenberg Omen around here? I swear it was under one of these couch covers.
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