Are We Accelerating Or Blowing Off?

Today the question is whether Wall Street starts the party before the long weekend, or takes profits and goes home early.

The market feels like it's subdividing and undergoing a subtle acceleration as more and more bears capitulate. On the other hand, the internals are consistently weak.

Overnight though there is a small series of lower highs and lower lows from yesterday's 1340 high. Any trade above 39.25 will negate this. Below 35 will continue it.

Meanwhile, as posted yesterday, the trend lines are converging on the 240 minute chart which could be the reason for the smaller and smaller retracements which could lead to a blow off top above the upper trend line. Below 1335 would break this trend line.

With the exception of out of the money OEX puts, I'm letting my core position of SDS and SSO/SPY calls ride.