The market action today fits the characteristics for the last surge in a megaphone pattern. Volume and excitement expanded as the parade of treasures marched on! Up, up and away is the only way!!!!

If what I'm seeing is real, it's done enough to be finished. But I can't help but think I'm seeing things. I've heard NO ONE else mention this as a possibility. Maybe I just don't get out enough.

It really doesn't matter because we're about to find out the deal. Either the market begins to collapse from near here or it doesn't. If it doesn't, then a move above the January high by the Transports will give a Dow Theory Buy Signal. The Dow surpassed that level today. (credit to Tim Wood for that info) If that happens, this market may go back towards the top one more time.

I'm mentally prepared for that to happen and so should you. Since we've seen the largest bailout in history, and the other bailouts have led to bubbles, why should this one be any different? It's a good question, and one I've thought a lot about.

That's why I believe that even if the megaphone pattern is real and exerts it's force, there is a good chance we could find ourselves right back up near the 1000 level in short order.

Regardless, even a trip back to the top won't prevent lower lows in the future as "bear market bottom type" valuations and yields were never reached. In fact it wasn't even close.

So tonight we await the answer. Will it be shouted through a megaphone?