I like to step back once in awhile and take a (very) long term view of the market. It can assist those who are active in the market by placing the daily and weekly price action into greater perspective.
I've written much in the past few months on how central banks are pushing on a string in their efforts to mask the global deflationary forces that are still with us until somehow nations can de-leverage. And I believe I've posted some very convincing charts to prove my thesis.
And I wouldn't want my readers to think that they cannot succeed in their efforts. I've progressed (some of my gold bug friends would suggest regressed) from a "gold standard" proponent to one who believes there can't be a perfect monetary system. I've come to recognize the limitations of a gold standard and also a credit based economy.
I say all this to say that I'm technically focused on these markets. I don't care what the "gurus" are saying on Bloomberg or CNBC, I let the charts tell me where these markets are going. As long as you know how to read them they'll never steer you wrong.
Here's a monthly line chart of the S&P 500 going back to 1981. I don't even want to tell you what I was doing back in 1981 :-)
Now, just consider that this is a Monthly chart. Forming market tops can take months. It can be likened to trying to turn the Titanic. It's not turning "on a dime".
I'll be posting more long term charts from time to time to assist my readers in gaining a grand perspective. But for now, the FOMC wraps up their two day meeting tomorrow with a formal announcement at 12:30PM EST followed at 2:30PM EST with a Bernanke press conference. Don't expect any earth shattering announcements and my bet is that no matter what Ben says tomorrow, stocks will rally due to exuberance over Apple.