Chart:FSLR

Double top possible!!!!

Last week of the quarter

The 1180 level that I have been talking about held on last week as upside resistance, but whether or not this will be the ultimate high before wave 3 starts remains to be seen.

As the chart above shows, we now have a weekly RSI divergence, and along with the volume divergence we have been seeing for a few weeks, and the weak seasonality that the end of March can bring, we now have the best chance to see a deeper pullback then what we have seen so far since the March 2009 lows. This of course does not mean it will happen, but at least we have some convergence of factors pointing to a probability.

1180- BINGO

Notice the high today was 1180 that number mentioned last week as the 127 level and the target for the bulls. Notice how we sold off hard after hitting that number.


http://marketjedi.blogspot.com/2010/03/next-resistance.html

GS

following up on the BAC comment here is a chat of GS. Note it seems to be lagging the upward move of the market. Does it catch up or is this a sign?

BAC

Yesterday BAC said they will initiate a new plan for home owners under water. I think this is positive for BAC and I am goign to say this stock goes higher on this news. Next real important level on the upside might be $20. I has bee basing good at not violating the $15 level which was very important for the stock.

I would buy some calls here on BAC here for a little upside

Housing- New lows

WASHINGTON – Sales of new homes fell unexpectedly to the lowest level on record in February as stormy winter weather kept buyers on the sidelines. The weak results make clear the difficulties facing the housing industry as it tries to recover from the worst slump in decades.

The Commerce Department reported Wednesday that new home sales fell 2.2 percent last month to a seasonally adjusted annual sales pace of 308,000.

It was the fourth consecutive month of declines and the worst showing on records dating to 1963. January's results, meanwhile, were revised upward slightly to a pace of 315,000.

Economists surveyed by Thomson Reuters had expected sales would rise to an annual rate of 320,000.

Overbought

The S&P 500 is heading towards that 1180 area I mentioned weeks ago, but it feels like the rally is on fumes. Volume is contracting, and momentum is diverging.

I believe that a pullback is imminent for the market, but how many hours are in an "imminent"? for now, I am going to be watching these key decision areas for signs of stalling out and a "potential" rollover.

Patience is key here!!!!!!!!