The market cannot go straight up, but it has a LOT of momentum. We are near the top of the BB on SPY and that will slow it down. I would be surprised if we see a bounce down to mid BB, but maybe to the 1 std dev above 20 day line. In a news driven market with so many that have been sidelined, this looks like a strong wave three up. I suspect we are going to the top of the LT channel line (mid to upper 148 range), which could take a week or so.

In general I will be watching NYMO (any break above top BB is a sell), CPCE (historically high levels will be a sell), and VIX (low to mid 14's is a sell). 

Until then, I hope you are in. I am up another 6% this morning, and for as much worrying as this market has caused, this feels like hard earned spoils of war for now.



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