12pm update - more bullish news from the middle east

Even Art Cashin on clown channel this morning noted that one of the more important issues in the coming days will be the Egyptian elections..yet now there are reports the military is claiming control, in which case there won't even be elections! Great...so much for the 'Arab Spring' of new freedom from dictators. War in the middle east between old foes Israel and Egypt, that has to be bullish right? Dow 20k..buy..and keep buying!

Meanwhile, back at the casino in New York...the market is trying to hold onto moderate gains, currently at the top of the bullish flag - on both the daily and hourly charts.


sp, daily, 4mth

Summary

Considering its opex tomorrow...and the greater uncertainty out there, a new high of 1336..just seems a little unlikely.

As for me, I see it all as too risky to be long..and too much risk of upside on renewed hope of monetary easing next week to be short. Things will be much simpler after next Wednesday.

Time for lunch!