Waiting and Watching

Today is day 55 of the top.  The S&P close on March 7 was 1878 and the average price since is 1869.  The market views this as not a top but a consolidation level to launch to a new higher level, no doubt due to implied assurances by Yellen that the asset markets will not be allowed to decline.

From my viewpoint, the world is bigger than Yellen. Everyone seems to like to talk Global when it suits their position, but then that only works when there is a real backstop.  That backstop has holes in it today, whether that hole be Europe, China, or Russia.

In the meantime the Dollar is approaching a level that could upset the order in a big way if it breaks out to the upside.

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