Here is what i am looking at

The S&P 500 traded above the last key Fibonacci level (for my purposes) on an intra-day basis, but could not hold it into the close.

It's put up or shut up time for the Bulls in my opinion. If they can get above Wednesday's highs, we should see another new high pretty quickly as the SPX heads to the 1230 level. If not, and if this 78.6% Fibonacci holds, we could be on our way for a nice size pullback.

HIgher Rates ahead

Market

All this government intervention has surely helped the markets higher but with financial reforming coming intervention will be no more and the next downturn will not be bailout and will be more disasterous than 2009/2009. This is all setting up for a massive Elliott Wave 3 count. Should be exciting when it happens!!!!!

What I see

The break of the trendline sets up the 2 point, you look back for the 1, and now we wait for a matching, lower or even a higher high to set up a 1,2,3 reversal pattern

Markets

Folks knew this was out there- it is no surprise big money has not been buying this rally and it shows from the light volume. BAC almost made it to $20 but obviously all the financials are getting killed on this news. It will be very interested as what will happen with the news reports on this fraud allegation.

Another reason why the government will say we need more oversight. This will be a political topic more than any thing else.


Have a great weekend I am travelling

GS-SUPPORT HELD

78.6% Fibonacci retracement has held so far

Bingo ???

Do I get to say bingo soon on BAC- Target I said was $20 next