No confirmation ................ yet!

Man-oh-man, just a little BS and the markets ramp up like the European crisis was fixed, the US debt bubble is no longer and all the Bankers on Wall Street are finally serving time in jail. The key to last week is that the markets were looking for anything to move higher. The news is dismal and getting worse but we need a little levity to get people feeling better before the bottom falls out. The charts below from the chartist friend from Pittsburgh's site does a great job of showing you the lack of confirmation for the breakout on the Dow Jones Industrials. So what's next. Well it looks like everyone will move sideways into Bernanke's comments mid week. After that we should see if the market is drinking the cool-aid or moving swiftly to the sidelines.

Here's my chart (SPX) for identifying turning points. We are now approaching a turn window (red box). Can't tell if we are going much lower or this is just a small correction before the move to infinity. It pays to be careful here but the crooks who run the world banks may be able to push this wreck higher before the crash begins.