It looks like what I said last Friday might have more relevance this morning.
Since the 18th, there have been two gaps. I'd like to see a 3rd to mark the end of this run from 1294.70 on the S&P.
Mind the gap. It may just represent the misplaced euphoria over the supposed killing of OBL by BHO -- no other comment on this report.
Mind silver as well. Below 42.19 before going above 47.245 would suggest things are about to get extremely interesting to the downside. Silver is the prime risk trade of the moment. Is it in the process of imploding or gathering energy for another run higher? We'll soon see.