The longer a market refuses to go down, the stronger the message is. I almost said "the stronger the market is," but I can't say that. However, the longer it floats, the more it's saying it's not ready to come down. Yet.
"Yet" can last for a while. The most I see for now is a possible correction to the 1390-1405 area. That's a wide zone. Depending on how things develop, it can probably be narrowed.
I'm looking for spots to buy puts so that later I can get long against them with SSO or UPRO, etc. With a slow drifting market, it's often tough to find good spots, but I'm hoping that somewhere above 1423.73 enough people will breath a big enough sigh of relief . . . and I'll get my opportunity.
If I miss it, I'll still be looking to be a buyer lower unless 1385.93 is broken. Should that occur, I would reassess my assessment.
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