Been wrong, wrong, wrong. Looked for a classic gap & crap last Friday. We got one, but then the market closed higher.
Was looking for a flush well into the 1525-1550 zone before op-ex. We got to the 1548 area twice. Big whoop.
The market made it clear it wanted higher prices. Today we should get them. Futures are strong overnight. Germany's DAX, France's CAC, and Spain's IBEX are shooting highs today as well.
1567 is the spot I'm looking for. However, anything over Tuesday's highs could satisfy it.
I will mention the weak internals yet again because they matter, even if the market doesn't care. At some point it will. Since the market (in my opinion) is female, we will never know when. But we will know when it happens.
The VIX is almost 3% higher than its lows this week with the S&P just .14% off its high. If I round up the usual suspects, all of these common indicators are suggesting caution. People are starting to laugh about them.
There are times that they deserve it. Such as when the market is on a mission. In this case it feels like it's on a Mission From God.
The market may have a cop motor with a 440 cubic-inch plant. It may have cop tires, cop suspension, cop shocks . . . I just think it's running out of gas.
However I won't get in the way of a Mission From God.
Yet if the market were to get below 1525.34 for some reason, it could be saying Mission Accomplished.