It's basically been a straight line up from 1020 and as I mentioned before, a lot of the move was done via what I call poor market action. Although I was respectful of the rally and didn't stand in it's way (i.e. shorted it) I have been suspicious of it's sustainability...keep in mind here this is all ST stuff. A few of the ST trader indicators are no longer favorable for the bulls such as investment blogger sentiment as measured by tickersense which is now showing 50% bulls and 29% bears, almost the opposite of last week. I will be interested in seeing what the rydex data looks like when it's updated tommorow morning.
I also just get the feeling the market is looking for an excuse to sell off here. Perhaps Dow 10K might be that excuse or a sell on the news reaction to earnings releases from bellweathers Intel, GOOG or GS which report after the bell on Tuesday night and Thursday morning and Thursday night respectively.
Whatever the case may be, I think it's now wise to keep your guard up for some weakness this week....my best guess would be as early as Wednesday. Keep in mind this is all ST stuff I'm talking about. I'm still noticing plenty of scoffing and disbelief from the "not so smart money" as to the longer term sustainability of this bull run.
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