I think even without QE the fact that the long rates continue to fall means more corporate cheap money for buy backs, increase eps and low cost acquisitions.
I got caught up in the " daytrade" 5 and 15 minute charts. When i look at the hourly chart this SPY has the potential to break above resistance( still many hurdles) . I will not buy any puts longer than lotto weeklies unless we break back down. I think we go higher.If by some miracle we get back in the long term channel watch out above.Of course China could collapse next week and we could be under 180. I keep an open mind and each day will add a piece to the puzzle. The trend has been broken and is still bearish but Friday was scary for the bear. I just wish we would have several days of hard buying or several days of selling to create some easy to spot exhaustion. We keep getting violent 1 day directional changes followed by drip, drip,drip.Which is the classic sign of the start of a bear. So the more i type the more agnostic i become.
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