Outlook for 06-30-2011

Tomorrow morning should mark the top of the 22TD cycle.

I can't explain the level of the market.  Every analysis I run indicates it should be at least 10 points (and probably more) lower using the most optimistic assumptions.  Greeks rioting is evidently good for the market. I suppose if the Greeks had burned down a building it would be even higher.

Here is the SPY:

GL traders.  Interesting similarity between 06/21 and today.