The recent break above resistance was hardly staggering in its power and traders will want to remain cautious that this could simply be a head fake and the level of 1.2780 may provide further resistance.

FORBES: Euro And Pound Break Through At Dollar's Expense

Small-cap growth guru Jim Oberweis of the Oberweis Report and Oberweis mutual funds thinks the second-half pick-up is no macroeconomic head fake, but he is letting go of stocks with sub-par growth prospects.

FORBES: Losing Your Laggards

The markets, when we spoke in mid-day and earlier in the morning, had all the earmarks of a market that was way oversold, and the action gave a lot of people - not only me - a huge head fake.

NPR: Floor Trader Describes Wall Street Gyrations

"It was a great head fake for Thain to set up this committee when he had the Archipelago deal in his back pocket, " says Seth Merrin , chief executive of Liquidnet, a privately held electronic marketplace for institutional traders and an NYSE rival.

FORBES: Dumb Like A Trader

Six of the completed fake Callaway sets, for instance, were in Callaway bags with Callaway head covers and accompanied by a Callaway travel cover.

WSJ: Psst��Wanna Buy a Counterfeit Golf Club? | Golf Journal by John Paul Newport