Bright Colors and Apples

Finally the market tipped its hand. It turned out to be a strong, impulsive move up, really quite beautiful to see in real time. I waited until I felt reasonably certain of the pattern and, more importantly, where I'd be proven wrong, and took a shot (long) at the 1314 area and got off the train just after the market made new highs above 1324 around 3:20pm EST.

Sure I've left money on the table. Even though I still think 1340-1350 could be tested, this wave patterns looks and feels mature. I'd rather get in on dips with hard stops. Meanwhile the gap at 1289.09 still looms.

Did yesterday make me bullish? No. Did the Fed's actions make me bullish? No. Did Apple's earnings make me bullish? No.

Regarding Apple,@PipCzar had a great comment yesterday. "I'm an FX trader, and AAPL is on my screen." That says it all for me.

I'm thinking we're somewhere in an echo of late 1999 or early 2000. Bright colors are in fashion, tech stocks are a source of fascination, and the Fed is going to save us. Only this time, the bright colors are worn as accents, the tech mania surrounds just three titans (Apple and Google and one that hasn't even IPO'd yet -- Facebook), and the Fed is out of bullets and has resorted to "communication" as a policy tool.