Expiration

Today is expiration Friday and the swings can be unpredictable. We have broken out in the globex session on the S&P and hit a high at 1132.75, we will have to see if we can close at these lofty levels as it will be difficult for the bulls with today's expiration influences. This market has had an amazing move of nearly 100 S&P points from the 1037 bottom we experienced on 8/31 and things are getting overdone. Today marks the eighth up day in a row on the S&P and the overbought situation needs a correction to make this move healthy. The breakaway gap on Sunday night proved to be credible as we have yet to fill it which is a sign that this market indeed is strong. The daily CCT is still overbought but it has yet to add any significant readings this week which would seem to signal that a correction is in our future. The absence of plus tick is troubling and this market has continued to melt up on low institutional presence.