There is a lot of buzz on the technical blogs that the market could be forming an 'inverse head and shoulders' pattern.  The pattern is a common signal for the reversal of a downtrend.  We don't see the desired volumes in the pattern right now, but that won't stop us from riding a bit of a wave up if the neckline is breached.  If the neckline is breached on volume, a self fulfilling prophecy will unfold as all those that are calling the bottom will buy in and force the price up.  If the neckline is breached we will be taking our profits off the table at about 75% the height of the pattern.  Here's a look at the Equivolume charts for the funds.

Equivolume: SPY click for larger version

Equivolume: QQQQ click for larger version

Equivolume: DIA click for larger version

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