Dow has room to stretch its legs before any failure. Bears that didn't take profits may fuel a drive to 10,400 or higher. This index magically found round number support and launched.

S&P sits right at resistance, which it looks sure to break. Moment of truth will come above 1175, where we may get a clearer picture of the still speculative H&S top formation upon which we have seen speculation.

Charts courtesy of stockcharts.com

What can be said about this casino? Two things: GOOG & YHOO. Investors are certainly not yet afraid of crazy valuations, so why not party it up? Say, to 2020's or so? Heck, why not 2100? All it takes is for "investors" to feel good.

That last bit on the Nasdaq is stated with tongue planted firmly in cheek. But why not? This is Frankenmarket, and anything is possible. It all depends on "investor" psychology, liquidity and a mass desire to keep the game afloat. If we have learned nothing since March '03, it is that these are very powerful forces.

All eyes on the Fed from here on out.