The markets pushed into the master $133.30 level on the SPDR S&P 500 ETF (NYSEARCA:SPY). This level was given to members weeks ago as the probable short term top on the market. Sure enough, this level was hit early in the trading day and the markets reversed immediately. Obviously, shorts were taken and are in the money already. A negative close today would solidify a short term market top.
The crescendo of jubilation in the media and the public coincided perfectly with this top. After Apple Inc. (NASDAQ:AAPL) reported stellar results, the Federal Reserve came out with positive comments on what equates to QE 2.5. These two set in motion a party in the media and amongst retail investors like nothing seen in years. This gives the institutions a chance to sell into the average investor and put in a market top.
Commodities are higher on a weaker Dollar. The PowerShares DB US Dollar Index Bullish (NYSEARCA:UUP) is trading at $22.09, -0.08 (-0.36%).