Everything above is in a negative divergence 1, 5 and 10 minute charts. We have the release of the Fed's Beige Book at 2 p.m. today. I would think if there were something good for the bulls in there we'd be seeing charts with clear accumulation, we are not. Bonds are down this a.m. but they are showing signs of buying. I have to assume the Beige book is not going to be a good release.
Honestly, the news today regarding the rally's justification, Portugal's debt auction going smooth? As if that in any way compares to months of stress testing the Euro banks and then finding out the results are bunk and the banks are in a lot worse trouble then previously assumed? I'm sure Portugal was the spark for retail traders, I just don't think Wall Street buys it, but I suppose, like I said last night, it can't hurt them to see higher prices before a decline, it can only help and if it helps them, it helps us.
In any case, I can only report on what I see, the rest is conjecture until proven otherwise and we should know in 2 hours.
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