i think we're going to get over the 5/11 high but the real question is do we get over the 10/07 high with what would be an all time new high in the Dow?
currently i'm playing it as if we'll get a failure after we clear the 5/11 high but i would like to open up a new discussion of whether we are witnessing a paradigm shift from what has historically been primarily a debt based funding of corporate entities with bonds vs. a new dawn of primarily equity stock financing?
what makes me wonder this is the selloff in UST's that i identified a while back. that is a real game changer that i didn't anticipate to occur so soon (as in years early). as i've said many times i think we're entering the Age of Deleveraging with debt revulsion. we're witnessing a pouring out of money from sovereign bonds into stock mkts right now.
also listen to this link i put up months ago from EconTalk with Anat Admati:
http://www.econtalk.org/archives/_featuring/anat_admati/are the markets saying they agree with her?
edit: geez, my TBT double short on UST's is up an astounding 6.45% today!