I must blog quickly because it is too late already. It is time to look at the whole board. The s&p has crossed 1000 and instead of soaring has whimpered. The dollar broke into a spring position and has not done anything and bonds tanked on issuance announcements. Any of these continuing their price move effects the others and creates a crisis, sooner rather than later. Stocks rising brings down the dollar and bond prices, the latter two triggering a crisis. The powers that be must rein in equity prices or deal with chaos. The charts above are not unfriendly to the idea of a reversal. I do not have time but do your homework and look. Pay particular attention to the appearance of heavy selling in the spy over the past few days. Also note how the usual end of day buying could not bring about new highs.
