Roller Coaster

Wow up one day 300, down next day 200, then up 300 next day this is one crazy market. Had to do a post on my vacation but we closed at the resistance 1292/6 area I spoke about before. Now what do I think? Think you would be crazy to be trading this market in here under this heavy volatility and secondly I do think we can get a push to that 1320 area. I do expect the talking heads to come out and tram the small players into this rally but it is just a vicious rally in a bear market and nothing more.
I would be setting up shorts here. Some TWM, which I own, some QID, some SKF should be good here but we can get another push higher so make sure you scale into these positions.
I currently have some SKF @$116 average and TWM @$71.
Upside is limited believe it or not so dont get sucked in too deep. Today and wednesday's rallies were in deed awesome but I think they should just be traded.
Russell push to 735 is very impressive and I think 750 should be the cap on that one but we will see.
OIL, OIL, OIL. Think I will be watching that $111 level if it reaches there. I doubt if we crack sub $100 but you never know. Personally I think Oil is a retreat because of China's Olympic move to lessen pollution but after that demand will step up again. Oil long term is definitely cheap here and I am a long term bull on the commodities. This rest is VERY healthy and I will be watching Oil in the coming weeks as the Olympics come to a close.

Have a great weekend. I am still away and will be back maybe Tuesday in full force.

OH NEXT WEEK FRIDAY IS THE NEW STAR WARS. :)