02-14-2012 outlook and comments

The week started out as expected.  The 22TD cycle trying to move down, but the 20 week (Wall) cycle still has  2-3 weeks of upside left.  Which will win?  Near term the shorter cycle may have more amplitude on a daily basis - so we may see some pullback.   I see some calling for a substantial pullback - and we may get that in time.  I suspect that it is just not yet.

A level to watch is 1336.  If we can break below that level then we could get a healthy correction.  Here is a picture (FIB fan):

 GL traders