The bulls are clearly the kings of the castle in 2013 thus far. However, much like The King Elvis Presley, there are dangers which lurk with short-term complacency. As an example, while the 5-minute SPY chart below looks like a textbook trend day higher today, the daily chart for the S&P and many other indices hit their respective upper daily Bollinger Bands for the first time since the opening gap higher back on January 2nd of this year.
That, of course, is absolutely no guarantee of a market top. But it does mean staying nimble becomes the name of the game. Let’s see if this trend day finishes at the highs, or if instead we see a slight change in character with a fade.
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Elvis was the man.