1150 is starting to look like stiff resistance, and 1120 may be the actual bottom of the current range (I have been assuming 1130 as support, and it has held in the last few days). That would now projct a potential target for the SPX at 1180 if we break out (that is a big if). Momentume is now waning, and it appears to me that the market may be readying for a fairly sharp pullback, possibly as far as the 200dma, Leadershp stocks did not fare terribly well despite the market strength.
Well, look what broke out today. The Russell 2000, up against a critical resistance point, finally pulled it out and started leading to the upside again. Maybe the market doesn't need a pullback, after all.
James Randi, the magician who debunks "psychic" phenomena. For those who aren't familiar, Randi has offered a $1 million prize to anyone who can scientifically prove psychic phenomena. I'm claiming that prize, as it is quite obvious from CBOU's intraday chart that someone got some psychic mind waves that told them to buy CBOU before the close. It has to be that, of course, because if they actually knew something, they wouldn't trade on it, it would be illegal, right? So, I'll be expecting my check at the Samurai Trader bunker any day now.
I will have the new highs update shortly.