I had thought that today would be a bullish day but instead the e-minis have remained locked in the 1100-1112 trading range. I still think the market will breakout above this range late today or more probably tomorrow. In the meantime I don't think any drop below 1100 will carry very far or last very long.
I am impressed by the fact that the highest prices of the past 8 months have not attracted any aggressive selling. This tells me that the market is going to have to move substantially higher to give the sellers waiting in the wings the opportunity they are waiting for. I still think we shall see 1126 in a few days and 1170 early in 2010.