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.
"O that I could find in the desert a wayside shelter for travelers, that I might depart from my people. For they are all adulterers, an unfaithful mob of traitors. Their tongues are devious weapons, bent like drawn bows. With falsehoods rather than truth they have gained power. They commit one crime after another. They do not know me, says the Lord. I will make Jerusalem a heap of ruins, the lair of jackals. I will lay waste to Judah, a desolation where no one can live."
Jeremiah 9:2-3,11