SPDR S&P 500 (SPY)

[imiloa]

did you watch SPY last week? exact same pattern as last weds.
big slide towards the open, before Greek vote,
then massive buying at the close, rising onward into AH.

then gap and run on thurs morning
rainbows and unicorns for everyone.

plus, AAPL got beaten down, and will likely rise anew.
i bet against AAPL intraday yesterday because the chart looked weak.
but it strengthen upward by end of day.

nutshell, on the 3-5 month timeline,
i do believe we'll see a downturn.
lower earnings, possible fed increase squeezing carry trade debt, etc...

but near term, this is a recipe for another gap & run today.
it's how the casino affords all those caviar luncheons...