Well today was the day. FASB bowed to the pressure applied from all directions and voted to ease the mark to market rules. I mentioned this as a possibility way back in in December (I think) and got some folks at a branch of the Mexican Central Bank all stirred up. I'm not really sure why. Maybe they'll let me know.

The market rallied on the news as you'd expect in a bullishly inclined market such as this. The targets of 840 and 875 are now in play. There appears to be a megaphone pattern on a 60 minute chart. That's a topping pattern you know. Also watch the top of the daily bollinger band, as my good friend Sam pointed out today. A touch of that could lead to a swift reversal.

The perfect move for me would be to near 875 and then a hard reversal back towards 820. I doubt it'll be that simple.

The jobs report is out first thing in the morning. With the market overbought it'll be interesting to see the reaction to a big down number. The consensus numbers are -525,000 to -711,000. If it's worse than that, and this market intends to go down anytime soon, it'll do it right there. With the G-20 meeting going on, they don't want that to happen. Could they doctor the number? Some would think so.

So the bull lives on. Long live the bull!!!!!!!!....unless your short of course.