The Only Thing That Matters

I'll be curious to see how Apple acts around the 703 area.  It got just below where I thought it would the other day, so the Fib target has changed slightly. The April high had 31 million shares.  The August highs had 29 and 15 respectively.  Yesterday it hit 700 on 14 million shares.  I'm not trading it, but because it's become such a focal point, I've got my eye on it.

The pullback on the S&P since 1474.51 feels choppy and overlapping. At the close it was bouncing from where it should (roughly the 1458 area) but Fibonacci-wise, it could correct all the way down to 1445 and still be in a strong uptrend technically.

I don't think that will happen.  It would look too much like a failed break out, and coming so soon after the Fed's QE3, would likely spook the market.

Today I'd like to see 1467.18 get exceeded. I still think there is another high or two, but I'm not counting on it.  Below 1457.55 could get complicated.

Over the past few days, the entire commodity complex has been hit hard.  Energy, metals, grains, softs . . . nearly every component within them got smacked.  This, in addition to the violence in the credit markets that caused rates to rise sharply on Thursday and Friday, is not what the Fed wants to see.

The only thing that matters is what the market wants.