>>>Jake, I'm interested to hear your take on the state of the markets.
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>>We're range bound right now. What's I find interesting is that the markets seem to be pre-pricing events. Instead of reacting to oil news, Greece, earnings etc, the market appears to be anticipating them. For the 2nd time in the DOW recovered 12090 (although it's swinging wildly so who knows what tomorrow will bring), NASDAQ passed the 2600 test, RUT passed the 771 test & S&P passed the 1250 test. All should now be on there way to test 50 & 100 day moving averages. Failing those we'll test the lows again. Breaking above them would make me bullish again. For now I'm sticking with my buys at low levels. Apx DOW 11300.
>>
>>An old trader who my dad used to work with had an experiment for times like this...a sideways market is like holding your arm straight out...
>
>Thanks Jake. Interesting and I also am cautious of the state of the markets at the moment. It all seems too much, too soon. I get your "sideways market" comment as well.
>
>It concerns me that the western governments have printed this massive amount of money - where will it all come from? What is your feeling on the dollar?

Weeks like this are why I love the markets. ;)

Right after I mention that I think we're going to test the 50&100 day averages, the DOW, NASDAQ, S&P and RUT all blow right through them. Fantastic! Now comes the trend test.

The previous highs were :
DOW : 12574
NASDAQ : 2835
S&P : 1345
RUT : 848

These levels were the 3rd in a series of lower highs since the May 2nd highs. Step 1 to breaking the trend is breaking these levels. Bonus technical : today's surge has pushed us through the fib retracement (May high to recent low).