WRONG

I admit it - I was wrong.  

I thought we would see profit taking by the big money Friday afternoon.  This is what happens USUALLY.  However, the market has been anything but "usual" over the past couple of months.

I decided to put on a couple of trades around noon on Friday.  Again, USUALLY, there would have been a pullback - but there wasn't.

Here's a 5 minute chart of SPY for Friday:

As you can see from the chart above, there was a BIG buying jump early in the day, after that the market just kept going up and barely even tapered off at the end.

Let's look at the DOW's (via DIA) chart for Friday:

Again, even the DIA just kept going up - and notice it was on increased volume compared to the prior week!

So, the big money not only did NOT take profits, but they BOUGHT going into this long weekend.  To me, this is extremely bullish.

Looking over the last week, we should have a pullback at some point before continuing even higher.

As I mentioned earlier in this post, I put on 2 new trades around noon (which I will blog next), and then I took the rest of the day off.  However, since I played hookey I missed my exit on AEP.  And could have taken profits on DELL as well.  Oh well, you can't unscramble eggs.  I'll most likely be able to take profit on both of those next week.