Afternoon Delight 01/18/12 - Levitation

For those looking to know exactly what's going on with the market please see my morning post from today. It is as comprehensive as you will find anywhere. We're nearing a major top. To all the bears out there, as I have preached from the beginning of the year, patience is required.

Following the Fed is the only plan and like a scratched record (for those of you old enough to know what one of those is) I keep repeating the FOMC Meeting Chart. Price today (for whatever reason) tagged the upper resistance diagonal and has met the price objective I thought would be "it". Price actually touched the side of my target circle I drew a few weeks back.

I have no idea what is driving the markets up at this point other than IMF or ECB lending and the hopes that the Greek default will come off without a hitch. I do know that something is not right. One of the theories is (in true bubble fashion) is that the funds rapidly leaving the EU are flowing into our stock market. On the other hand mutual funds are having a net outflow. Could it be unannounced stealth QE? The Fed did say they would use all "tools" at their disposal. Could it be the promise of more QE announced at the FOMC meeting next month? Who knows?