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.
"A new, invisible and at times virtual, tyranny is established, one which unilaterally and irremediably imposes its own laws and rules. Moreover, indebtedness and credit distance countries from their real economy and citizens from their real buying power. Added to this, as if it were needed, is widespread corruption and selfish fiscal evasion which have taken on worldwide dimensions. The will to power and of possession has become limitless." Francis I, 16 May 2013