Tuesday Trading - Day After MLK Stats not Bullish

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Our editor is on vacation this week. He said for the first time in 10 years he would not be taking his laptop with him and you know what? I don't blame him! 

I am not backing off from my call for higher prices but there have been several attempts to take out the 4540 level and all have failed. The problem with the rallies above 4800 is the buying power dies out and the ES just can't hold the rallies. I think part of this weak price action is due to all the uncertainty in the Middle East. With so many highs and a lack of follow-through, traders are starting to question if the S&P has gone too far too fast. That said, I talked to Rich Miller from @HandleStats last night and he said he ran a few studies, one of them I can’t divulge but he did give me a study that shows the Tuesday after MLK Day is not good, down 8 of the last 9 years.