Stress Test News @ 2PM,

Remember we have stress test news @2PM. Market is very strong into it. Do they sell the news or do they squeeze the shorts to higher prices.

I have no IDEA!!

857 Broken

We are major bullish here since we have broken higher from those numbers. It has been a straight shot up and as I said I believe alot of shorts are going to cover and fuel a push up higher.
Next week should be very interesting to see if they can continue us higher or we pullback

Plays

I have a couple of plays setting up but geez this wave 4 is killing me to get them accurately. It is chop fest out there and I dont want to misguide persons who might be following the plays here. So it would be prudent of me to wait till this chopfest is over and give the huge winners we are known for.

Just a little patience.


MARKETJEDI

856/857

Just finished doing some homework and have come to the conclusion 856/857 area must act as resistance tomorrow for the bears are we will head towards that 875 area. On the downside 838/839 is very important to the bulls if they close above that tomorrow they will end the week neutral and not giving the bears the edge.
So there you have your upper and lower area to watch for tomorrow.

Thursday

Recap - Another day the bulls have given the bears something to think about. It is very easy for the bears to think we should go down but as I noted there is also alot of reasons for the bulls to trade this market NOT invest. The thing I see is alot of small caps rallying and this is usually a sign of the end is close BUT the battle lines seem to be on the bulls side no matter what the charts and signals say.
I expect the longer they take to give up the weak bears might throw in the towel and give us a push up that WILL be the final push up, we call this a TRAP among traders.
I definitely think this is what will play out but we will see soon enough.
For tomorrow we should be hearing some preliminary news on the stress test and that might lead us early on. I have no idea how tomorrow will go so it is a play as we go here.

MARKETJEDI

What a day

Man oh man what a day. We traded like mad dogs out of the gate and went up to fill the gap left from last friday and that made alot of bears cover. Why wouldn't they we basically moved 200 DOW points in an hour of the open and everything seemed ok for the bulls till 3:10 when we reversed the action. You dont see alot of days like this and it was definitely special as now we will see who is the strongest here and now, the bulls or the bears.
The bulls wont give us easily but they need to rest but the bears don't seem that confident because everyday we get a sell off at the end of day the following day the bulls take it back.
Here and now the battle truly begins as most of the important earnings are out of the way and the TARP news seem to be fizzling away now the true market will present itself at least for a short period of time.

Watch the action in the first 90 minutes tomorrow it will be crucial!!!


MARKETJEDI

Remember

Remember folks dont want to confuse anyone - We can still pullback to 790 area or so on the S&P and still be in a bullish formation so dont get caught up on a pullback till the bullish pattern is broken down and negates the upside