A Market Out Of Control

The markets are moving this morning. Forex is going nuts. The yen is finally breaking out of a consolidation since July. It's strengthening, suggesting safe-haven buying. I wonder why. Everyone else is so bullish that we'll get some sort of great news out of Europe.

S&P futures are sharply higher. The euro, the Canadian and Aussie dollar, the Pound, and the Swiss franc are all higher against the US dollar.

I almost forgot: it's also options expiration.

The S&P is in the middle of what is starting to look like a broadening top -- a market out of control. Risk on, risk off, risk on, risk off, EFSF pass, EFSF fail. Until it breaks out, risk is high. That's it.


As usual, I'd like it go as high as possible on low volume and weak internals. The higher it goes, the harder it falls.