Rumors

More rumors circling around. Greece is asking to leave the Euro area.

WOW

So this morning at 8: I posted this movement was just a pullback but after the 8:30 number the futures went higher. Geez that was fast but it leaves me empty of any positions as I was thinking we would see weakness into mid next week but we will have to see how this plays out.
Yesterday down candle is huge and projects much lower, just a warning.

In my Opinion

In my Opinion and analysis this is just a pullback. A number of crushes yesterday especially in the commodities but as I repeated many times $113 was the top projection for Oil and that number came up numerous times in my analysis. Though we went over the number the project still stick and that's why you should be out of all long then.
Yesterday Oil got killed and it is good for the US economy as gasoline has been eating into household pockets these past weeks. Soros also selling Oil futures was a sign of a waterfall sell in the works but the real under the radar news is that Oil futures margin is rumored to be increasing and that makes folks like me who trade it needing more monies to trade it. I believe that's the real story behind the selling yesterday, fast money trading leaving the commodity due to this rumor.

Busy

Next two weeks are very busy for me so posts will be limited. If we hit 1341.50 area I think it will be a good buying op and will use that area to carefully load up some longs. In the mean time 1385 is the new upward projection before we hit my full projection of 1425.

1384/5

Next projection point is showing 1385 area.

Complexity

Though the average person dont see it I think this market is very complexed. Right now we are moving up on very little volume but never the less we are moving higher in price. My general rule is to play light when volume is non existent because that just means the big guys are not playing but I have come to a realization that what has happened is that the equities market is not as lively as it use to be and therefore we have lower volumes.

Only thing working correctly here is the time projections which I had for market highs in April or June. Funny enough we hit it dead on in April but I am still getting one in June. What that tells me is we might get a significant sell off sometimes soon and then charge hard again to a new marginal high June or September (Minor reflection time projection in my analysis) but after these dates the market will fall under its own weight.

I still have 2012/13 being a cycle low so I would be looking at that long time frame as a nice long term short period just as last year I said we would hit highs somewhere 2012 April/ June.

Divergence

Notice the divergence in the AD line around this 1352/4 area. Remember on the last push up this area was the top. Can this we signaling an early double top? Have to wait and see