Closing comments

Volume was so light today (with the Jewish holiday of Yom Kippur) that I tend towards discounting the strong breadth. Also, with quarter end only a few days away, the proverbial 'markup' may have started a little early. Admittedly, it would be a great time to do it. More will be revealed tomorrow. I maintain my short bias... and also give the odds of marginal new highs into early October a decent chance. I have enough powder dry to short those new highs if they come. I have been waiting for the Silver Gold ratio to close below old highs which we have done. Given the other markets that have failed to make highs with the SPX (see post below), the 1987 correlation, the overbought nature of this market, one has to at least entertain the possibility for high. Personally... I think we are topping for the year (and maybe all the way out through 2010).