Enjoy waiting for the next move.

We are finally seeing some legitimate concern and, at least, acknowledgment by markets that the FOMC tomorrow afternoon represents some type of risk in terms of the possibility The Fed may hint or outright focus on tapering/tightening. And with a hot PPI number this morning language on the Fed statement and/or presser tomorrow about fairly imminent tapping would be entirely justified. 

Of course, we know with this iteration of The Fed that entirely reasonable actions are never a given. And there are quite a few seasoned investors out there fully expecting the Fed to stay ultra accommodative.

In the meantime, we have a market featuring mostly dipping and squishy action today. 

US$ - at an inflection point. If it rallies, it would be a headwind for equities.

 

Something for animal lovers. Break-out WOOF.

 

Break-out in semiconductors.

 

Looks like there is a slow leak in a housing bubble.

 

"Instead of feeling that you’ve blown the day and thinking, "I'll get back on track tomorrow," try thinking of each day as a set of four quarters: morning, midday, afternoon, evening. If you blow one quarter, you get back on track for the next quarter. Fail small, not big."

In summary, the line of least resistance is still to the upside. Stocks are trying to break out, but there has not been a very convincing effort yet. If follow-through doesn't take place, the bears will take another shot at the market. Next week will be key for the markets. We're entering into sessional "cool-off" phase and have FOMC on Wednesday which could be a catalyst.

 

 A pullback wouldn’t surprise me with valuations stretched, growth rates peaking, the fed tightening liquidity, leverage near highs, a short squeeze underway and tax hikes on the horizon.

"You begin to awaken"

The beginning of freedom is the realization that you are not "the thinker." The moment you start watching the thinker, a higher level of consciousness becomes activated. You then start to realize that there is a vast realm of intelligence beyond thought, that thought is only a tiny aspect of that intelligence. You also realize that all things that matter - beauty - love - creativity - joy - inner peace - arise from beyond the mind.

You begin to awaken.

All bulls need now, is for those all time highs to be confirmed with a break-out.

However, there is still the possibility that the resistance at or just above current levels will hold.