Whipsaw mania.....

Today's action was something to behold. As for me it was better than watching an epic Ali/Frazier fight. I kept a close eye on the VIX today and it was uncanny how market momentum off and through resistance/support correlated to the VIX moving averages. The last two day's were basically an inverse of each other:
Wednesday - Up big sell-off late
Thursday - Down big early rise to the close

After all the commotion we are basically at the bottomside of the February range. Except now the Fed has spent a lot of bullets to get us to here, the news is just getting worse, companies like Carlyle going belly up with more to come, real commodity inflation soaring such as $4 gas. The markets may go higher for a few days, but overall I believe we are only setting up for a MONSTER fall.

The chart is of the SPY and illustrates how much overhead resistance remains.