comments and outlook for 08-26-2011

Yesterday and early this morning were a bit of an overshoot, so a pullback was needed - which we got.  The bias still remains up for tomorrow.  Of course we have those two French people and Ben speaking at Jackson Hole.   Ben may be the lesser of the three as to what he has to say.  We will see - I suppose they could move the market.

Can we test the old high at 1208.  I think it is possible, but not tomorrow.  Here is the swing cycles for SPX:

GL traders, don't be greedy.