01-18 comments and outlook

The longer cycles (1 yr and 20 week) keeps pushing the market higher, but for the S&P it is painfully slow going.  It has the feel of a market that is tired.  APPL and IBM had very good earnings.  Rationally one would think this will take the market higher (and it may), but markets normally hit tops during periods of good news and it seems the news can't get much better on the earnings front.  Just suggesting that maybe this excellent news could mark the apex in the news and the market.  Of course with the FED providing POMO tomorrow maybe they keep the markets higher marginally. 

Looking at the short cycles one might suspect some weakness by the last couple of hours tomorrow:

Gl traders