As the US peso continues to devalue, the futures are up yet again. Americans are getting less and less for their pesos while David Tepper gets richer. Atta boy Bernanke. I believe the current rally will be the final rally before a correction that lasts more than a day. We are setting up for an overbought reading in both the short and intermediate term. Hopefully, we will also see sentiment become extreme as well.
I expect a decent short term top in the coming days. My lone hesitation is that expiration often serves to help elongate a trend. There is a chance that the bears will have to wait until after expiration. What is clear is that we are late in the game.