August is living up to its choppy nature and heading into September, the worst month of the year. Too soon to think that way? Maybe. But more than one analyst I respect is starting to talk about a nasty fall, and I don't mean Autumn.
Of course, they need confirmation and that, by definition, means we cannot use them to pick the top. But there comes a point when the market will run out of shrugging power. How much longer can it shrug of all the bad news - including today's bailout of the states - before the bears win?
Sure, resilience in the face of bad news is bullish but it should manifest in a rally sooner rather than later. It is time to get off the pot, if you know what I mean, and start moving higher. The longer it stays here the worse it looks.