2pm update - bulls holding onto their gains

The bulls are doing well, and we're comfortably still above the breakout zone of 1450/55. With the VIX a little lower, and the clown networks touting 'Factory orders are fine' - when they were -5%, the mainstream delusion is back in force.

Everything is going to be just fine, right? Hell, if Romney wins, we're all be billionnaires next year, even the permabears, yes?


sp'60min

sp'daily5

Summary

The daily chart is very clear, its a breakout from the bullish pennant (pink).

I suppose the doomers could count this as still a bear flag - which it is, but considering the trend - we're now day'6 UP, it's looking bad for anyone still on the short side.

New index highs are viable tomorrow, if Mr Market decides that 50-125k job gains a month counts as 'economic growth/recovery'.

back after the close....probably.