Market view

Back from weekend in Norway and ready again.

As I stated in the latest blog post , if 1300 on SPX held which it did on Thursday , I got out of my short positions with good profits from 1333-1330 and got long the markets SPX 1305 via some small caps and other positions.

The reason were simply because we did NOT break below 1300 which I watched like a hawk and markets had strength enough to hold above , therefore my previous posts said to cover my shorts and get ready and go long.

For now I think we have some upside left and might see SPX to new highs over next weeks above 1344.

As I see it right now I think we may see 1350 next. The russels got a bullish MACD histogram confirmation on friday which is bullish for now and another sign that we may see higher levels near term.

Overall I am still VERY bearish markets longer term and by fundamentals - but the charts now tells me its better to be long for the short term. So profits taken from 1333-1305 in my shots which were very good and now got long small caps and other longs at 1305. You can follow me on twitter "Sqwii" as I post my trades.

There is a potential inverse HS pattern which may target us near 1360-1380 if playing out , but I dont think we will reach that level in the first run , but time will tell.

My target right now is 1350 by end of April early May and thats how I play it for now.

IF markets is going to reverse and move below 1295 short term I am going to take the loss on long positions , but until then I'm long.