Speaking of traders, Wall Street has tried desperately to gun the markets. Stocks have been in rising wedge pattern since November. Thus far Wall Street has failed to generate the desired breakout. And they are running out of time.

The old adage "sell in May and go away" has a kernel of truth to it. Historically, the period from May to November has been a very weak one for stocks. All traders and trading models know this. If they cannot mount a breakout to the upside for stocks in the next two weeks, intense selling pressure will commence.

 One positive for the bulls is that both the S&P 500 and the NASDAQ managed to eek out new all time highs last week. Unfortunately, the last time this happened was 1999, right at the peak of the Tech Bubble. We all remember what came after that.