Directional Arrow

Decent sell off yesterday with the DJI and NQ100 holding just above key levels. Oil prices are blamed for the weakness in indexes as assorted calls for higher prices come from those with a positional self interest. Goldman calling for a super spike to pump it's own massive long position is certainly a bubbleland event. But those are the travails of the stock bulls even as they hang on to the greater portion of this year's rally. Friday's close in front of a three day weekend will be an effort to point a bull or bear directional arrow on summer but will have little to do with anything. The bull is closest to breaking out of the four month range but the bear has certainly become the majority view.