I got an email asking about how far I think we can go to the upside. Well I did some projections over the weekend on based on some waves I was counting especially with respect to that 804/805 area. Since we broke it to the upside and filled the gap in that 820 area I am looking at a possible resistance up at the 940 area and possibly the ultimate push as most of you who have been reading the blog my projection of 1045( wrote about that number many times in Nov, Dec 2008).
It is very hard to trade a day where we gap up and never look back but whether it was the Geithner news or just a natural bounce in a oversold climate, one thing is sure we dont go up or down in a straight line and I expect up to back and fill in the mid 700 area of the S&P. As long as we hold that 745 area the bulls will be ok and the upside.
The 900 level on the S&P might come in very fast and that's my only fear as we might do all the gains in a short period of time that we have nothing left to do but dive.
We will see soon enough. Remember we should start the day up tomorrow but be mindful of the turn around tuesday phemomenon.
MARKETJEDI
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