Charlie Chaplin........

entered a Charlie Chaplin look-alike contest in Monte Carlo and came in third.  Now, that's a story!!  What does that have to do with today's commentary?  Nothing.  I just wanted to start this commentary with something other than self absorbed politicians or the latest rumor in Europe.  As I said again yesterday, Europe trumps everything these days.  A whisper, a rumor, a well placed word and the market jumps.  So while we look at the charts and the technical's, remember this is a news driven market, the likes of which I have not seen before.

We are still in the channel and based on the chart I would expect the price to continue to rise to the top of the channel on this run up.  Target DIA 125 or Dow 12,500.  Once that level is reached I'll be looking for a down move to the bottom of the channel.  Like those shampoo directions.....wash, rinse, repeat.  Alternatively reaching the top of the channel and getting some good European news (or some other hot news catalyst) could take price up thru the top of the channel to a new place in the sky.  If you didn't go long after the reversal at the bottom of the channel last week, you should have gone long on the mini-breakout today.  Again, look for blue skies above until we hit the top of the channel.  No change in the trend channel~

CURRENT MARKET TRENDS
Long Term (Weekly Chart) – Up
Medium Term (3 day chart) – Up
Short Term (Daily Chart) – Up