876.50

Next level to watch on the S&P, maybe we hit it overnight but that's the number to watch

Bill Seidman Gone

Personally I think he was one of the only true guys in the financial arena. Goodbye Bill you will be missed by many.


MARKETJEDI- Prayers out to his family

AZO trade

Taking it off here +$5, this trade is like pulling teeth

Beautiful

So we bounced beautifully at the area I mentioned in the last post. Where do we go from here I think there is potential for us to head to 942 on the S&P and that's where I will begin my short campaign.

Tuesday

Well we are getting a continuation of yesterday move down. I am watching this level here 894-898 to see if the bulls get some guts to hold level or not. Very slow action here before 2pm but maybe it steps up closer to 3pm.
Right now I am neutral here with a longer term (2-3 days) biased lower.

Monday Morning

Seem like we are off to a very weak start. Lets see if we can head closer to the 900 level and bounce very good shot of it. One note here that is very important a couple week ago I think I mentioned that Berkshire Hathaway will not performing well in my analysis and it proved to be correct, this morning they announced their first quarterly losses in 8 years.

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