Hamburger Hill

The bulls are happy now as the coveted 1000 line has finally been conquered – it took quite a bit of pushing and twisting and they threw everything at it they had:

Okay, the bulls have it – so NOW WHAT?

A lot of air below – just saying….

10:48am EDT: As some of the rats already pointed out – there is a ‘cognitive dissonance’ between the DJI/SPX and the RUT/NDX in that they have not painted new hights this morning:

Question is – are you guys ready to load up on puts here? I have gotten my dick slammed in the door so often now I’m starting to like it 🙂

12:30pm EDT: Why we wait for this tape to pick a direction – here’s the chart of the day:

Sure, it’s a new bull market – uuhuuuhhh… Related reading – very good paper. And while we’re at it – as you know I’ve been all over the TOMO/POMO stuff for months now – excellent paper here on that subject and its effects on the recent finger of God in equities.

12:48pm EDT: Quote of the day:

Loosely said, ‘normal’ is a long way off. The market can continue to misjudge the future and go higher in the short term, without contradicting the state of decay the economy is in. — Adam Steinberg / Macro Research

Exactly right – a basic definition of what I expected to happen in Primary wave {2} back in early March (also see last night’s post).