Well, very likely a new high, that is. I was impressed by the market's grit this morning, waking up to see the futures up after last seeing them down over 6 points last night after the Chinese inflation numbers came in hot. Evidently traders think "no hard landing -- China to the moon!"
I don't care what the numbers say. First of all, they're highly suspect. Secondly, news does not make the trend. The mood of the market participants makes the trend. And for now the trend is still up.
Betting on the trend to stay up is not what I consider to be good odds at this time. I do not think we've seen the top tick yet, but that does not concern me.
The S&P looks like it's concluding a rising wedge. I'm looking for one more down-up sequence to the final high. If I'm correct, it should happen later today. A sharp break should come of it. We've been up on air for quite some time. A break of 1335.92 would be the first shot across the bow. I would then be very encouraged should the market eventually get below 1292.66. It would be a whole new ball game.
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