Gap Filled

Well we need like 3 more points to fill the gap on the S&P FROM January. The number is 934.70 and then I guess they will try and hit that 200 day moving average which stands around 952 area. After that folks it is anyone's guess but it would seem highly unlikely not to hit that level.
As I have been saying this corrective move have the possibility to take us higher and it has with my ultimate target in the 1054 area or in terms or time early July we will see. I think right now as how I see the price structure we should hit the 200EMA and then pullback before we go higher for an ultimate peak, again the real question is how deep will the pullback be.
Initial I was thinking a mid 700 level on the S&P but now I think it might be a mid 800 level around 830-850, it is almost impossible to trade this wave 4 or make clear sense of it since it the messiest in EW analysis so we will have to wait and see.


MARKETJEDI

Maybe Crazy

Maybe I am crazy or just stupid but the stress test just came out and people are jumping for joy because the banks need some more money to sure up their balance sheets.
Ok let me get this BAC has a market cap of about $70 Billion and they need $45 Billion more to sure up the balance sheet but the stock goes higher!!!!! Citibank the same!!! maybe my math is wrong but I think I can file to get some money from the TARP and have a credit score of 850. Geez how dumb are people to be so gullible to the factS staring in their faces. These were the same idiots who said housing would not spill over to the economy and all the banks were initially safe and that unemployment would remain in the low 5%.

Listen folks this is the last time I will say this all of this movement up is corrective move of the massive sell off we had for 18 months, NO market goes in a straight line BUT the trend is down, if you want to go start buying stock go ahead but you better exit before we reach the top of this wave. I have corrected my wave count of this being wave 4 to wave 2, that would mean we are going a lot lower since wave 3 is the sharpest and longest leg of the wave structure.
Lets see what they do tomorrow already Wells Fargo is getting a beating after hours with some of the other financials, while some are up.
I would love to see where we are in 18-24 months in my crystal ball but I guess we will just have to wait and see.


MARKETJEDI.

WHAT THE HECK

So let me get this right, banks need more money, Gm not paying back TARP funds, GMAC needs more funds BUT we are going higher. I have see this before telling you this they are sucking in the retailers so they will be left holding the bag once again.

Remember 1040/1054 was my level for this rally to go.

CITI needs more

Citibank needs 10 billions more as assess by the stress test

Wells Fargo- needs more

Wells Fargo needs $15 billion more based on the stress test. FOLKS the banks drama is not over

WILD before Open

Well what else is new. This is one CRAZY market, last night we were getting killed on the futures now we are up huge because the ADP report wasn't as bad as expected.

Geez I have no idea what is going on with all this wild movement. Then there is the BAC news that seem to be misleading in exactly what is needed. We wont know the true story til tomorrow.

BAC news - Stress Test

Rumors out that BAC need 34 billion to sure up its balance sheets according to the stress test. Also the rumor is that 10 of the 19 banks failed the stress test, oh boy.


please read.


http://online.wsj.com/article/SB124147831175584985.html