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i keep saying the 1156 level has to hold on a weekly basis adn this morning we retested the level creating a a strong(er) level of value buy zone, a new vpoc if you will......the futes are good green as i type this.....if gold remains subdued and bonds flatten out we could see fresh money come into equities......the only concern i have is that the TED is celary showing a contraction of liquidity, so, again, a pullback in gold will make a difference......i am also watching the XLF etf very closely as a lead indicator at the moment even tho the RUT is normally my high beta lead.....what would cement the upside is to have the XLF begin a new leg up but it made a lower low against the SPX retest (almost completed W formation) ....so, a lift in the xlf will be a very good sign for the overall equities scene as a sign of confidence.....frankly, i dont think the fed speech today is going to make any diff....the fed is extremely limited on what it can actually do and the treasury curve play has nothing to do with general confidence......but, mostly, i think major players are set on the long side already and will work to protect the levels we are at now.....

2c