Higher

I have been saying be careful with just saying this market is down and trust me it will BUT right now it is in an uptrend. After yesterday down day I told someone all the bears will be out after the close saying we are going down now but I dont buy it, what a good thing because we moved higher today and although we didn't erase all of yesterday's losses the volume was much higher which is bullish.
I have posted a couple of time I believe we are in a uptrend till July and I stick by that, any sizeable sell off will be met by serious buyers till then. I truly believe we will see the mid 900 levels on the S&P and DOW 8500 then it is anyone's guess.
Personally I would love to see S&P 1000 so I can make some serious money shorting it up there but right now I will just buy time.
Folks yes the banks and dead and the insurers and the real estate REITS but funds can't just keep buying treasuries and get 1% and less so they are gambling on buying some cheap priced stocks than will probably give them better returns trading in and out of them. Look at BAC when from $4 to $11, who wouldn't want to catch $2 move on that than be in treasuries. Now believe me they dont want to own these long term just for a trade and that's why the market is so whippy but BUYABLE till the FED starts to say they are easing what they are doing and then we will be in a safety zone buy. It is that simple not complex at all just wait it out if you not willing to trade it out.

Tomorrow I would be a buyer if we gap down. Remember DOW 8500 and S&P 900.

Nasdaq Volume

Today's was the heaviest volume day for 2009 for the Nasdaq. It was over 50 % above last week's volume, which must be noted carefully.


MARKEJEDI.

Resistance levels

Resistance levels are now 845 and 852 on the S&P. Watch those numbers tomorrow. I would be a seller up there

Wave Count

I have been trying to put a handle on this but really I am no way an Elliot Wave expert so take it as such but I think we just finished five waves up on this uptrend and we will now form our ABC pattern.
NOW IF I AM READING THIS CORRECTLY!!!! we should make a B down to or below 800 then a C up and over this last high of the 870 area. Now I will investigate more and have it for you later

S&P- 549

Someone emailed me asking why am I focused on S&P 549/550 area as possible bottom -

well here it is in the simplest form

Tuesday

Tuesday look for the first part of the day to consolidate the huge downtrend of today. I would not be surprised if we have an non eventful day till after lunch tomorrow where the big money will then tip there hands. If during the lunch time hours we are flat or close to flat there is a good shot we will have a turn around tuesday but my belief is that we will start the day negative and stay that way in a narrow range till after lunch.
Today sell off as I said before might be bad but it is good for the bulls to also rest, remember we can pullback to the 790 area and still be intact for more upside. We ended today right above the support level so overnight might be interested when europe opens.
I would be looking at that 815 on the futures as some first level of serious support if we sell off tomorrow and possibly down to 790 but I am sure we wouldn't get that far tomorrow if we did WOW that would be super negative.
Remember we just wiped out 6 days of gains in one day, so lets see what happens tomorrow.

Hmmmmm

So it take us one day to wipe out 6 days gains and they think we in a new bull market. Oh yes I guess they all will be buying tomorrow. One think I will leave you will today is the volume, it was much higher than all of the days last week and even in distribution, that speaks volumes! or should I say no volume :)
Today was the third heaviest day in volume for the last 20 trading days so the proof is in the pudding.
Man I keep on saying thursday and friday of option expiration is total manipulation and we hit 870 area friday and look at where we are today. Now one caveat is I don't think this is the start of a big push down but it will put the fear of a failing rally in the minds of many. I still think we get some more upside after this pullback.

MARKETJEDI.

P.S. I will be listening to the Crazy money and Crackheadmer shows tonight to hear what they have to say. Man it sucks that Dillon left Crazy money it is so boring now!!!