Floating On Air

We have a "don't ask, don't tell" gap up in the futures, one of those gap ups out of the blue that nail the shorts.  That is why I don't like to press the short side when the intermediate trend is up and we have a down day.  You can get whipsawed and the market can squeeze you to death.

This is looking like the magic carpet ride that we had back in March and April of 2010 where the market hardly had a down day, and when it did, the next day was up.  The trend is up, and while I believe we are rangebound, I think it's a trading channel going up, we should keep edging higher into early November.