Highs

looking for resistance at 1680.50 but a poke above would satisfy the bulls for some profit taking.
Doing some wave counts it is possible if resistance is found there we could revert down to the 1625 area short term.

Super fast

down $10 already- taking 70% off - riding rest with b/e stop

Gold Short here

Shorting Gold here 1263

Interesting- I still have Gold resistance at 1460

http://finance.yahoo.com/blogs/daily-ticker/don-t-fooled-sell-gold-1-400-then-113216641.html

1601 mentioned in play

1601 mentioned yesterday is in play- 50EMA with fund managers end of quarter window dressing

Bounce in Effect

Bounce in effect due to window dressing in to the end of quarter. Money managers favorite game in deed. look for a test into the 50ema line for resistance with is still 1601.

FED

Gold and silver crushed because of the FED news- I find it so funny but people don't understand this market upmelt is all because the FD is in the marketplace supplying huge load of cash. Cash is not endless and when the FED starts pulling away the candy like it hinted at yesterday all the bricks will fall once again.
Folks loading up like everything is ok, oh yep right!! watch the FED, they are the key to all of this as I have said numerous amount of times.

Update

Recap:  Early chop leads to a dip after the FOMC meeting announcement as the market closes on its lows. volume came up and breadth was pretty Bearish.

It was super choppy early, but Breadth could never get going, which I guess was a hindsight clue.  At the time, it was just boring.

For today, we are oversold, and into support.  We've turned into a rangebound market here, so a chop out into the weekend would not surprise me.  I don't want to even make a lean one way until we see a move away from the current slop.

For today, weakness is a buying op with confirmation, but again, I won't be hanging around long if we cant get some follow through.

1640

Trying again to take on that 1640 area. Markets are still coiling so not much to do yet but I am still on the bullish sign as long as we are above that 5Oema sitting at 1602 area.
Here is a time to be patient as I just see coils
SOHU and ICE are two coiled plays

Update

Definitely the bounce off the 50 EMA proved to be a floor again- we are 40 point above it and just like the last time we hit the 50EMA market bounced hard-

Update:

CTRP new highs
MGAM new highs

not a lot of action but we are still coiling close to the highs so definitely leaning long on strong sectors like bios.

LONGS

Here are a few interesting stocks that look higher

CTRP
MGAM
VECO

Update

The market continues to grind here.  Its stretched away from its mean, and it is starting to look more and more tired up here.  This can continue longer than you expect, but its important NOT to get caught flat footed and completely complacent here.

1640

Well that didn't find any resistance!!!! Oh well

My only stock position is VNO which I am long @ $87.

we had a small buy signal at end of day yesterday I would would not be trying to short today if you are a short term trader though i believe a blow off top is coming.

Biotechs still going higher

Biotechs are still going higher- I guess I came out of IBB AND CELG too soon. Got to watch rotations and see which sector is next

1640

1640 on the S&P is a number i am watching to start dipping into some puts slowly on the NQ and S&P. I think we are getting exhausted up here and need a rest so a pullback of about 35-50 point would be in the cards if we are. Taking a less trades is more approach here as I see some rotation going in the general markets.

S&P 1900

laszlo birinyi the known market reseacher is predicting 1900 on the S&P by years end. The bulls are definitely in control and i have been doing some ready and found out that really ultra high net worth folks are not in the market and if they do could push us higher.
We have to wait for the signals and see what happens. One thing is for sure the market won't fall far as long as the FED is pumping us afloat.

Thanks FED

Over 1600

Ok finally the 1600 are here- Job number were better than expected and unemployment numbers lowest since 2008. I guess today is the day the bears might be in severe pain, let's see if they capitulate

May and Markets

Today is FOMC day so I wont be watching the markets as usual. Volume usually tapper off after the first hour on FOMC days so difficult to do anything till after announcement.

Finally the Nasdaq has tagged its 2012 highs. So all major indices have hit or surpassed their 2012 highs which now put me on hold for any new longs to be initiated. More than likely we hit 1600 on the S&P because it is so close but I would be definitely be cautious since we are not in the "Sell in May and go away" time frame.

In the mean time, let's see how volume shakes out after FOMC and play smaller size on plays if you do.

VRX

VRX looks like it wants higher

AAPL

Bye bye AAPL. May find some support at 378 but i would not count on it. I would give it a couple days for the selling to subside