The market reminds me of a tug-o-war - all is fine if the final tug completes a steady battle and one team finally loses after being gradually pulled past the midpoint. But all is not fine if the losing team finally gives up and the team pulling the hardest at the moment goes flying backward holding onto an empty rope. Who wins? Both sides are still on their turf. But in the end, the team that did not give up is the winner. I fear that constantly yanking one way and then defending against a yank in the other direction the next day is leading up to this tug-o-war trick. The market is at a point of extreme fatigue and if this most recent rally fails, I expect that the bulls will let go of the rope. There are a few things that would cause the bears to concede as well, but that would surprise me.  Despite all the bullish hype about valuations and oversold technical conditions, there is a persistent buyer’s strike.    There have been few times I have seen the technicals this weak and exposed.  If the bulls don’t defend their turf right now, it has the potential to get ugly fast.