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Tops or Bear Flops

After the "gap & go" start to Thursday's trade, the S&P 500 has pushed right to the trend line on the expanding range we are currently in. That means the air is getting rather thin up here, but this indeed qualifies as the sharp extension we would expect to see, to test the top of the range. Will be interesting to see if today's momentum holds, or if we are going to see a mid-day, late day reversal. To be honest, none of the stock charts I follow look interesting here. It is hard to imagine a ton of follow-through after all of the bullishness we have seen. The market seems to be operating under a cloud, as if it doesn't realize how overbought it is - this could persist for hours, days or weeks. The only question will be how much energy the bears have once this thing peeters out. There is a fat air pocket currently beneath us, and only a sustained close above 1000 in the S&P would impress me enough to re-think things.