SPX trades in a triangle consolidation pattern and more likely will break out to the upside before dropping sharply. So far we are in a week 5-6 consolidation pattern confirming the price action and the sentiment is nearing a neutral stance except for the ISE which rather indicates a rally. The problem is that the news flow is so ugly that people keep buying tons of Puts which keeps ironically the market up. Right now the heat is on Europe anyway why it is underperforming which will finds its climax around Thanksgiving and the following week. Still next week after Italy made its pathetic austerity package which is mainly pushing back retirement age sometime in the future markets are poised to rise briefly. Important is if the 1275 resistance can be taken out, odds are 55/45 it will and market rallies to the 1300-20 ultimate target before dropping back to 1200. An immediate drop and close below 1225 today would alter the pattern and we had to drop to 1140 the next 2-3 weeks. At some point the next weeks we will drop there but I suspect from a higher level. Financials will be the weakest component going forward . Its quite hard to trade in this volatility as pathetic rumors which are deliberately placed gives some insiders a big advantage as fundamentals do not matter at all. One Icon stock has lost its Mojo as Steve Jobs death has put the 400 level as a top for now but the stock is cheap and they have an incredible pipeline the current bestseller 4S and a bright Siri future when it is implemented in other products. Also it needs to come up with a second model with an minimum 4 inch screen which is the only reason Android does sell more units since the software is not that good plus they are really bad on updates. If they had a second model with 4,5 inch screen they would kick Samsung and HTC from the plate. Draghi is changing the pace the ECB buys bonds and the money printing will have a brief upside effect but that does not change the fact that banks are unwinding holdings in sovereigns as they know there is no final bailout since the resistance in the EU public is too big.