HAPPY HAPPY

The picture says sell or at least don't buy as the markets continue their drift up. The VIX sits at the 12 level which certaintly makes option buying look cheap. One suggestion in Barrons this weekend was to buy Treasurys and use the interest earned to buy puts or calls. Not sure that is what I am going to do as I continue to sell longs into this rally. My guess for today and this week is dips will be bought until or unless it stops working.

Another view from above is that the SPX picture will look like a cup and handle on a pullback or a breakout on a continued move higher. Happy bulls?