This has the look and feel of an 'official rally' to create the appearance of enthusiam for Gordon Brown's bid to save the world.
Do not get in its way while it is in progress. Buying of the SP futures led us higher yesterday, with the Nasdaq 100 confirming with its own breakout attempt.
Jobs Report tomorrow is key.
We would rather miss a portion of a move than be early and suffer losses and exhaustion by fighting the tape.
Potential near failure points are at 1312 for the NDX futures and 842 for the SP futures.
Longer term nothing has changed. The real economy is paper thin, the paper being supplied by the US dollar and the monetization of debt to create the appearance of vitality.
"Quite a lot of what passes itself off as dialogue about our society consists of people trying to justify their own choices. Let me propose that if your beliefs or convictions matter more to you than people—if they require you to act as though you were a worse person than you are—you may have lost perspective."
Timothy Kreider, We Learn Nothing, 2012