Buyers (real, program, HFT or short covering) are in firm control today. If you came in long, who cares who the buyers are? The SPX has come within 1 point of the early week high but the Nasdaq Comp has gone 8 points above its recent high. Are there divergences? Yes there are, from the VIX holding above its recent low, the BKX still struggling below its 200 day moving average, and the lagging new high list. However, the market can move higher even with those nagging negative divergences but if they persist for too long, they become the market’s Achilles’ heel. If the S&P 500 Cash Index closes above 1150 today or by Monday, celebrate they will on your favorite financial show. Be on the lookout for a possible false breakout. We’ll be monitoring the volatility indexes, put/call ratio and a/d decline data for insight.  - Elliot Spar of Stifel Nicolaus