Editors Note:

The markets rallied strong early in the week but after four days at solid resistance, the breadth began to deteriorate. The budget battle was not solved. They punted the deadline for a week until next Friday. The Fed meets on Wednesday and the French election runoff is on Sunday. We may still get a decline to buy but I have been saying that for a couple months. Until it does happen I am not leaving a bunch of open buys on the watch list that could be filled on the way down to lower lows. The markets are at their highs and premiums are also at their highs.

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