Is the wedge being pushed down, or are we now up against the bottom of the channel and was there a failed retest of resistance?

No way to know today - but Stochastics and MACD both say "don't buy don't buy." While the rally LOOKED solid, be careful - what you had was a lack of sellers today, not an overwhelming crush of buyers.

The only index that I don't have a solid "NO LONGS" on right now is the Dow, and its headed that way - even after today.

I would not be shocked to see a rollover next week, but I'm not banking on it. We don't have a "SHORT" signal on the indices at this point.

The Bond ticked up a bit more. We didn't get to 4.90% this week, but 4.861 is pretty close. Ok, its a miss - but the MACD suggests that momentum is still good while Stochastics have slowed - but not rolled over. I expect that trend to continue.

Next week promises to be interesting... with some luck I will be able to provide a few posts here and there, but as I will not be able to moderate comments or spend a lot of time online (I'll be on my cell connection which is very slow!) I've disabled comments.

There will be a weekly wrap-up posted next Saturday or Sunday.

I didn't make any changes today, other than closing a short position (at a profit) that I had taken earlier in the week. I've got stops on the rest of my non-cash/non-muni positions and otherwise am going to leave things "on automatic" - without confirmation this afternoon before the close I was not comfortable sticking a big short on the market indices out there.

With the long weekend people will have time to stew on the data - today's housing sales were by no means positive, and its darn hard to spin those numbers. They are what they are, and what they are is sucky.

Good luck to everyone - will post when I can, and will see 'yall in more detail next weekend when I'm back where I have my full suite of charting and graphics tools available to me.