Well I am going to go out on a limb this morning and say that we...

Well I am going to go out on a limb this morning and say that we saw the high last night. Mind you this branch I'm on is a bit wobbly!!

The SPX went out the top of the return line (upper boundary) of the long upslanting wedge that has been in place for the past three months. However, it couldn't hold that level and finished right on the line. Very short term measures got a bit oversold so we might have to have a bit of a bounce before it rolls over properly.

There has been so much on the news this morning about Apple that I wonder who could possibly be left in the entire world that hasn't heard the story and hasn't already bought if they want to be long the stock.

Bond yields were higher again last night. This is the one thing that could bring me undone here as the money is really running out of bonds and into stocks but I would have thought that bonds could be ready for a correction after yields have gone up so much in the past week.

So I think I will go and hide for a few days and see what happens.