Even though the market currently feels stalled, I do not think it has given up on a new high. Not only is the 1687.18 in sight, but there is a Fibonacci confluence level at the 1696 area. I feel it is merely a question of how low the market wants to probe before these highs are hit.
A probe could test quite a few levels below that would look scary but that should be bought, 1631.89 probably being the lowest. 1650 looks like the better target at the current time. But the important thing to note that it doesn't need to go lower; it can easily rally from current levels.
This week is op-ex. A quick read of OEX open interest looks like a rally to a new high would cause the most pain.
Europe and Asia are mixed, and besides Bernanke's additional testimony today, there isn't much else that might rock the boat. So a quiet market is not one to be shorted. But you never know.
What I do know is how humbled and honored I was to see this message scroll by yesterday.
I often think I must be perceived as a perma-cynic or a curmudgeon in the Stocktwits-Twitterverse because I never seem to be going with the flow. There always seems to be something going on marketwise that makes me want to be counter-trend, so I was amazed by this kind comment.
I love trends as much as anyone, but I've felt uneasy for years now, much the way I felt during the 2004-2007 period. I've just gotten better at trading against those feelings, but doing so in a way that allows me to participate without being anxious. Sharing part of the process is fun. Being recognized for it in this kind way filled me with gratitude.