13 SEP 2010, Monday

• Back in July I was looking at two possible areas of interest....1135 and 1165.  Well, we're back approaching the initial area and I'm watching to see if we get a turn down or does it keep going up this time and break out to complete the inverse head and shoulders.
• The breakout of the inverse HnS would get the bulls all giddy and scare most bears since it projects to 1250.
• Ms Market could screw the most by breaking out, then faking out, turning back down and give us a downside resolution to all this mess of the past 4 months.
• Sideways ranges are tough...only meant for those who trade, if at all.  But, I think we're getting close to direction time.
• Momentum indicators are still up after Monday's action, so not much to do unless day trading.   
• One more item of note that bears need to be aware of...in the second half of August, the FED indicated it was going to begin purchasing US Treasuries through open market operations...the current schedule has it going into mid October.  That puts cash into the broker / dealers hands that they can deploy into the stock market if they like.  MAR 09 run-up began under similar circumstance as they did similar ops into NOV 09.  Hmm...look what the market's done since late AUG 10.  Just be aware...you could potentially be fighting the FED.  Choose your points wisely....just saying.