Another new day & new dawn so keep taking any remaining profits of long positions from 2013 when you can into rallies. This week Yellen will "show her stuff" to the market and we welcome her.
Nice deadcat bounce last week off short-term oversold. As expected MMakers/HFT's and computers had their way doling out enough limited size to buyer with sellers in mass gone as to move things up rather quickly. That doled out size combined with HFT computers has pretty much been the pattern for last several years.
VWAP chart above reveals just how far the SP(SPY) has come above its volume weighted average price.Bottom line if your paying more than 159 for SPY VWAP says you've paid too much with risk available down as far as 1200 longer term. Market will eventually test the 200ema/ma near that 170/1700 area 1st.