Just been burned too many times. You know my signature on most boards is "bottoms come fast - tops take forever"
The ONLY reason for it to turn that I see is that it is "toppy" but that happens to drag on and on like it did 9 months of '09. The ABC is extended already so what's in the way of at least 1170's?...I can't really find any overhead places for the pressure to come from.
The monthly chart was looking neutral for a while but is flipping bullish on nearly all my charts. The weekly...6th week in a row being bullish on all my stuff. Daily - all charts still bullish for over a month. Some show divergence but that means nothing except to guard the profits with stops.
No doubt the economic picture will cause implosion but you know it's going to keep right on stroking until it POPS. If you want to short (I would be tempted if I traded) a great play would be to start hitting it here all the way to the 1171 area (it's only a 10 point window now). You know that old high right after the waterfall in May. Just place a stop and reverse 2 points above the high. Make that trade on another future (as a hedge) and continue to buy the lows on your normal future. That way you hedge even all the way up to the high if we get there and ride the bull or the bear from that point...covered flat at worse...nice profit at best. Placing straddle trades here on separate instruments with good stop placement is the way to go for sure. There is a BIG ONE coming.
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