The markets are always interesting... just as Goldman Sachs was getting chastised by the Senate for making good money at the expense of others, and Greece problems are problems once again not a problem anymore, the markets fail to confirm the downmove on Tuesday, and stage a nice rally today. (Look at commentary on the charts). When a move fails, typically a violent move in the opposite direction will occur, and it appears this is what is happening. Although the market is long overdue for a correction, it seems like it's not gonna happen just yet. However any long side trades should be met with extreme skeptism. Having said that, it would not surprise me if the SPY makes its way to 125 before we try for another hard correction. To support this argument, look at the chart of oil (USO), the market tried to break it below the descending red trendline and the 50DMA. It broke, but did not confirm the break the following day, and now instead we have a break upwards of the 20DMA. If oil goes up, oil stocks go up, and so will the market, so that's why I think a sizable correction is probably still at least a week or two away. As always be flexible with your oppinions, things can really turn on a dime in this fake manipulated market.
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