I don’t know yet, but there’s an angry bear wait for him below….
This movement reminds me of the countless grind higher, from the February low. Day by day, the market grind-ed higher, without hardly even a blip of a correction down. We live in a world that has clearly changed tremendously since the March 2009 low.
Computer bots (Skynet) now control the market, and they follow strict rules. Upward and downward sloping trendlines are the key to understanding how they move. Overhead horizontal trendlines are easily broken now, as the light volume allows the bot’s to continue pushing up through them, day after day, with NO selling sticking.
These upward and downward sloping trendlines form rising and falling wedges. In a normal market, these rising wedges would break out to the downside, and the falling wedges would breakout to the upside. They would do this at fairly predictable times.
However, with Skynet running the show, the rising wedges don’t break to the downside when they come to the apex of the wedge… they gap up, to make the wedge even steeper! The rising wedge that is currently in play now, since the 1040 low, should have broken down several times by now.
But each time the market falls back and touches the trendline, the bot’s kick in and push it up more. All at the same time, the “insider’s” (aka… Goldman Sachs, JP Morgan, etc…) are all sitting on their hands, and not selling anything, until a certain level is reached.
Sure, they are selling small amounts into each move higher, but they haven’t started to dump their core holdings yet, as that won’t happen until they get the OK from “The Powers That Be” (TPTB). When is that? I have no clue. We should dump 40 points tomorrow, if there wasn’t any Skynet… but we might be lucky to get 10 points.
Unless of course… it’s time to press the panic button? But the longer they wait, more angry the bears will be…
Red
P.S. Don’t forget to take the time and cast your vote on the Polls I have listed on the blog. Thanks…
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