NYMO has not been this high since QE1 was announced

I have no idea what to make of this other than to say that for every action there is often an equal reaction in the markets. Not always, but most of the time. There has been an epic short squeeze on the $NYSE as traders had to bail out of near record short interest. We have not seen $NYMO at this level since QE1 was announced at the end of 2008. Fantastic you might say. Well not so fast, because the weekly $NYA chart looks exactly like it did in mid 2008 when we got the major downside bear market that lasted until early 2009. I am just saying if $NYA drops back through 9000 watch out below. Maybe this time the plunge protection team has intervened in the market and will continue to do so until need be. I don't know. I am just saying these patterns are very high probability. That does not mean they cannot be overturned by external forces, the can be. It will be very interesting to see what happens next.