No Post for Friday Gang...
I'll save it for the Weekend Post.
The Bull got rescued today, (by the PPT of course). It seems that a bear slipped up on his last night while he was sleeping, and pushed him down a hole. Hurt and bruised up a little, the bull finally got his mojo back and charged higher into the close.
These bear attacks are becoming more frequent now, and the bull is getting tired and falling asleep while standing. The bull needs to be careful where he stands as a cliff is nearby his grazing area, and one missed step could result in a one steep fall.
At this point, the bulls are up against a whole lot of resistance from multiple trendlines, all intersecting about where we are now. A big move is coming soon, because it has too... The bulls must gap above all the overhead resistance and go make a new high, or give up and jump off the cliff.
It's really that simple. Steep sell off down, or jump over the major resistance overhead. Everyone seems too be long here, as they all expect 1228 to be the next level the market is going too. That's the 61.8% fib. retracement from the March, 2009 low to the 2007 high. But, you know the old saying... if everyone is expecting it to happen, it won't happen.
So we are at a crossroads again. Either we must go above the current resistance, to trap the bears that will go short at the level, or sell off before reaching it, to trap the bulls that are waiting to sell at that level. Someone is going to get burnt... who will it be? The Bull or the Bear? (In the end, you know it will be BOTH!).