Can you spot the differences between the two images below?
I have never seen so many long-tail doji days all together like that, with decreasing volume to boot! This Market is hellbent on indecision, and is going to have to be dragged into making a decision, up or down.
I'd say they just "pulled a Congress", referring to the guys who just refused to pass a Budget before adjourning for Election Season, because they didn't want it to influence voters. Just like the conspiracy theorists (who are probably right) say that the Fed has been pumping the Indices in advance of Elections to boost the incumbants' chances. Looks like it's a fat chance now, and the excuse for this relentless melt-up is now due to frontrunning of QE II: The Wrath of Tim (Geitner).
I'm STILL short, and at a loss. Right now, I feel like quite the dumbass as I look at my P&L. But, since we're still flatlining in Index prices, I don't see any reason to pull out just yet. I've got a feeling that I'll get that climactic release by the end of this week, and I'll know if I'm smarter or dumber-er.