A week ago in the midst of what was the much ballyhooed ‘correction’, we made what you have to admit was a ballsy call of an inevitable new cycle high outlining the steps to watch for in order for such to happen.  First, the inability and missed opp’ by shorts to bring the bulls to their knees, a technical bounce beginning possibly after Bulls catch their wind,  becoming bullish over 1015/16, inevitable new cycle high if we get over 1020-23 and a what had to be a bullish gap at 1016-1018 previous support.   Of course, this ladder program could have broken down if we had some negative catalyst, but the thing for a trader is to be prepared.   As a Bull, you better be prepared for the upside and not thinking ‘what if’ this and/ or that happens.  We hate the obsession with SPX, but there's a lot of you here that trade the SPX ES, SPY and so it`s become a natural trend here the past year.   For us, we just like to see earnings and stocks with deserving higher prices become more in focus as it should in a recovery process and hope to continue to toss out trades like SWM  yesterday, steel commodity focus (X ), FSLR, CTRP-UTA,  GOLD  that have worked quickly coinciding with this SPX move.  All this while maintaining our earnings- sectors plays which includes most of those names for the longer term trader.

Today, now up over 40pts since last week,  we closed or you could say painted the close at the 1044 Oct week high.  To be honest..so what!.  “So what?” is seemingly also the  attitude of the market as there is no real aggressive  buying volume leading to this new rally cycle high, ‘potential’ breakout.   This will be the cry of the shorts…‘no volume' today or the past 4 days of this rally‘.  Geez..this should be a top 10 hit song for the past few months!.   Let’s give up waiting for it and just move on.   Today's volume was the recent trend of around 9 bln traded, at least the volume is not all AIG BAC FNM etc as it was recently.  Also, a lot of the big money is sitting in on conferences all over the country.  We have the Cit tech, BAC media and many Retail open houses at GS- Barclays.   Do you know what this money is hearing?.   Nothing, but good stuff as you can see by the numerous analyst upgrades and companies raising numbers at the tech conferences (JNPR today as example).   As long as we stay grind higher or just consolidate over SPX1, we’ll have earnings starting soon and last months Bear cry of no Revenue growth will not be an excuse this time around, but will likely be the fuel for the market.  

So, what now…hopefully, we hope we avoid a gap up or down in the morning from any surprise China data (noted yesterday) and just consolidate/ grind this recent move.