So maybe that means we gap up tomorrow, or maybe someone will finally the initiative and run this thing one way or the other. It is absolutely ridiculous how this market is gapping up, literally, every day. Yet the market goes nowhere as the trend is your turn, and then my turn. Each side is having their single day of action, and then forfeiting it over to the other side the very next day. Unusual to say the least. This type of behavior is often seen at major tops, but you can't be sure if that's what's happening here.

We saw this exact behavior when gold was making its top a couple of years back. It kept trying to break out over and over, but, ultimately, failed and started its bear market behavior. The markets today are following that script. But just because we're following it doesn't mean history has to repeat itself. You respect the past, but don't make future moves based purely past behavior. If life were that easy....! You keep an eye on what's taking place. We all know that, until the bears can get that gap down, not only below the 20's, but eventually below the 50-day exponential moving averages across all the key daily-index charts, there's nothing to get excited about. It's all noise as long as we're above that key level across the board. It's lose the 50's or bust for the bears.

Today gave great hope for the bears for a large gap down and run. Germany, in fact, all of Europe, but especially Germany, was getting hit hard last night. Our futures take Germany's lead, so naturally we were lower from the get-go today. No recovery and things started to look really bad once trading opened. However, as usual, these past many months the bulls found a way from keeping things from getting out of hand to the dark side. The bears were simply unable to keep this thing rocking lower and allowing it to close on or near the lows.

That would have created another wide open gap down, but again, it wasn't meant to be. I keep wondering what's holding this market up, even with rates as they are. The froth and greed are so severe, which is bizarre, but it is what it is. The bears can't sustain. Maybe it will require a bad report from the likes of an Apple Inc. (AAPL) to get this market heading lower. It's very difficult to grasp, but, for now, the market seems to be buying up weakness, until it gets the necessary local bad news to head it shooting south. Even horrendous news from overseas can't get that job done, so we wait for the moment it all comes crashing down. That said, today had hope for the bears, but they simply did not seize the moment.

The earnings reports will be coming in fast and furious from here on in. Tonight we have Texas Instruments Inc. (TXN), a very important economic indicator along with Chipotle Mexican Grill, Inc. (CMG) and Netflix, Inc. (NFLX). After that, the rest of the week is loaded up with tons of huge market and sector leaders. Everyone, especially Ms. Yellen, will be listening to hear what they all have to say, with regards to hiring and future guidance. Her thoughts on raising rates is all about these reports. She has to start the process at some point, but is still showing no signs of doing it. Only if she sees constant good news coming from these leaders will she give in and start the process of raising rates ever so slowly. Each night this week and next will have key reports, so it will fin and interesting to listen in how these companies are doing.

For now, however, some light exposure is fine. We all know by now that due to froth, the market needs to provocation to start a more intense down trend.

Peace,

Jack

Jack Steiman is author of SwingTradeOnline.com ( www.swingtradeonline.com ). Former columnist for TheStreet.com, Jack is renowned for calling major shifts in the market, including the market bottom in mid-2002 and the market top in October 2007.

Mr. Steiman's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Steiman's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.

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