Trader Update -data point 27 February 2012-

...the 24 February 2012 market continues crawling cautiously up the 5 May 2011 price, adding a fresh multi-month High *1368.92 to the list.
Interestingly, the day's Close came in *1365.74, above the 5 May 2011 Open *1365.21, suggesting the market's determination to break the 5 May 2011 Top *1370.58 at least marginally at a minimum. Trading above the 5 May 2011 Top *1370.58 opens up potential to challenge the *1400 Psych barrier

...the VIX trade below *18.00 is all for it

but the institutional selling up-trend suggests selling into strength

and the public investor appears to get cold feet with no one in sight to take the slack

...so far liquidity keeps the market primed while the step up consolidation pattern wears off some of the extreme oversold condition. However, profit margins are geting more and more squeezed making an exposure into this market a high risk adventure unless a decent draw-down offers a more reasonable investment approach - portfolio protection at 90%

Kind Regards