spoos 1hr

Nothing changed today, we backfilled and touched on the same old prices in the S&P emini we have been stuck to for the past week. Bernanke has his finger up the bum of the market and we can all see he enjoys it.

So far this year, and the past two years the Spooz high is 1277, today we flirted with breaking 1265.50 downside but we were caught by all those buyers buying the the bottom of the band and selling the top of the band. How long does said strategy work when everyone trading employs the same strategy? Who knows. 1273.75 was the high today... tomorrow this will be the upside line int he sand.

The chart above is a 1 hour chart showing declining volume into the holiday's and the santa rally. Notice
the moderate volume pick up as we moved to new highs into 2011, we are trending and slowly reaching the apex of a large ascending triangle which  should break out to the 1280 level sometime soon. IF currency markets make their move.....

Currency markets have been very volatile in their search for "fair" valuation this movement today actually reflected in the equities market as yesterday it did not. If the euro can stay below 1.30 and the dollar above 81-81.10 but bounce in between their channel the market isnt going anywhere, this leads me to believe the market is waiting to show its hands until some key levels are triggered.

enjoy the snow.