Wedging Higher

The bears had their chance. Now the bulls have theirs. The S&P feels like it needs a breakout over 1150 to settle the matter. It feels as though many differing markets are building to a climax. Gold, bonds, the Aussie, emerging markets . . . there will likely be a last hurrah soon when the public finally jumps in at the crest of the wave -- which could possibly be a tidal wave. I am long a small amount of BGU which I will look to feed out to breakout players. Then I will look to reverse. More VXX, short ES, long puts and BGZ. For now it feels as though patience is the key.