It is never certain whether one has reached an intermediate term top, except in retrospect. The next ten days, however, should help us assess the probability that we have reached the near term top. I would think that if we break below about 1480 that would be a good or bad omen depending on whether you are a bull or a bear. If we continue on above 1555 then I have no idea what that means other than be careful, because we don't have any resistance established above there, except perhaps around 1800 which is about where the real all time top is in constant dollars. Since I am flat at the end of the day, i really don't care. But i would think that some of you who may be very long on margin (perhaps S_turder would fall into this category) might want to consider taking some off the table or at least not plunging any deeper into the long side for a few days. We should in any case see a positive reaction to todays sell off next week, but if you did buy this dip, and you get lucky and get a little profit out of it, personally, i would try to tone down the tendency to be greedy. (I won't be buying this dip because i like to buy high and sell higher, and also i don't like to buy, or sell, based on what i think the market will do the next trading day. )
