13 OCT 2010, Wednesday (PM)

• It's a momentum type of market.  Continues to go up.  However, indicators are getting into areas where I'm just unwilling to risk new buys.
• FED announces new POMO schedule today which takes it into the election.  Suspicious?  Naw...cuz after that we'll hear about QE2.  Right?
• Truth alert...Markets are meant to be free.  Free to ebb and flow.  But they aren't right now.  That is why I am unable, or unwilling, to drink the Kool-Aid.  What happens when the propping up stops?  Well, we saw it back in May...the QE first round stopped in mid-March. 
• I'm leaning toward the defense side because this is stretched.  Choose points judiciously.  Next resistance areas 1200 and 1220 (April highs).
• But, don't listen to me because Bennie and the Feds are saying all is right with the world.  If that's the case...why all the talk of QE2???
• Why don't I believe?  Because my personal belief is that true markets will eventually win out over any and all manipulation attempts...for reasons not currently visible.
• I really need to see some normal action...until then, it's max defense.
• Still only trading...it's just the way it is.
• Happy Days are here again!!!