There's been a lot of fuss about the 800 level, but I think the 770 level on the /ES is even more important.

To my way of thinking, if the market moves to around 770, stabilizes, moves higher, and then pushes past 830.50, that's a very good sign for the bulls. It basically indicates whatever extra "air" had lifted the market quickly from 666 to 830 has been released, and the strength continues. The overhead supply from 800 to 870 is going to take a lot of work to push through, but if and when that work is done, there's going to be a lot of power behind the bulls. A 2009 high of ~1050 is, I think, still in the cards. I sure hope so. It's going to be a total bear-fest if we can get that high.

On the other hand, if the /ES keeps weakening, particularly if it moves below 761.50, that's pretty bearish. The rapid rise has very little support beneath it. There's pretty firm support around 700, I suppose, and I would be completely shocked if it made new lows at this stage of the game. I am presently short 10 /ES at 805 and have a stop above 807.

One thoughtful Sloper emailed me a picture of the good life during his Costa Rica vacation. Click on the link to see it (I am hyperlinking to largish pictures these days out of consideration of your bandwidth).

I'll close by saying that the bulls got to have some fun last month at the expense of the bears (see below). We can expect plenty more of that in the months to come. That's OK, keep at it. Have your fun. Bears have long memories.

One of my regrets in life is that I majored in marketing in college. See, I went to an old Jesuit school, and the kinds of subjects which intrigue me (and in which I do well) are religion and philosophy. My belief now is that, unless you're going to become a classic "professional" (like a doctor), taking vocational classes in higher education is ridiculous. I mean, Steve Jobs is one of the greatest marketers who ever lived. How do you think he would have done as a marketing student? Those who can't do, teach.

I still find the realm of advertising interesting, so the following little event made an impression on me. About a week ago, I got the latest issue of Futures Industry magazine. This usually goes straight into the recycling bin, but I flopped it over and immediately had a WTH moment. Before showing you this ad, I will point out the following:

• It is a full-page, 4-color ad on the back cover. This is the most expensive position in most magazines.
• It is from the Intercontinental Commodity Exchange (ICE), a company with basically an infinite amount of money to produce the finest marketing materials possible.
• The focus of the ad is not only a woman's head, but the back of a woman's head. This will be pertinent when you see the ad itself.
• The intent, clearly, was to show ICE with a stylized shape around it. The effect is terribly unfortunate.

So here, without further ado, is the advertisement, which I have thoughtfully scanned in for you.

Doesn't anybody look at this stuff before it's shipped off?