Rumblings And Stops

Nothing much changed yesterday, and I stand by the call for higher prices as long as 1815.52 holds.

It must be noted that my one core indicator is giving a sell signal on three different time frames. It would not surprise me to see a choppy new high (two legs -- up, down up) and a failure around the previously cited 1870 area, or if the market can catch another shot of momentum, perhaps the 1900 area.

Again this is about pattern, and pattern can change in an instant. 1815.52 is the level of concern for me.

Elsewhere there is a whiff of concern across the globe. Rumblings. A vague unease. Earnings are mostly better but not great, but the accounting tricks are starting to become clearer. Davos sounds spooked. The BOJ sounds spooked, or is it the JGB market that is getting spooked, who can tell? The German Bundesbank can't seem to get all its gold back from the Fed even after of year of trying. Turkey is a $350 billion problem for foreign banks and is showing signs of spiraling out of control as the word "contained" is being used.

All this could be described as a wall of worry. It feels as though a match is about to be lit.

Graham Parker knew all about it.