Markets hit yesterday the target I had perfect since 1295-1305 and told people we may very well see new highs in end of April/ Early May. We got it today which I nailed perfect since 1295 and actually yesterday I took profits on SPX from 1295 to 1350 or in the 1348-1350 area. My objective target has been reached and therefore I took my profits. We may go higher, but thats it , when we were near 1348-1350 I got into some shorts just for hedging myself.
I got into shorts at 1348-1350 level because I think we will get a short term pullback (Just a little one before we move higher) so I did not get heavy into shorts , but got a few for hedge myself against a lot of other small cap longs.
My objective target has now changed and I think after this rally since 1295 to 1350 we should get a little pullback to an objective target of 1325 over the next 1 week overall. I think we could see this level maybe over the next days into Friday - but time will tell and I am going to take the profits on shorts if we move to my objective target of 1325 or close to it - thats my plan.
30 min chart and 60 min chart also agree with me that a short term pullback IS comming soon and every other may say otherwise.
So I really nailed the rally since 1295 with a target of 1350 and lets see if we wont get a pullback. What I think after this pullback is to load back up on long positions again as we should see 1360-1380 next or higher levels.... so thats the time to load up positions in longs big time again imo.
This is just how I look at the things now - I think for the short term we are VERY overextended now and need a minor pullback where you could make a few % profits on the pullback from 1350 imo.
All in all short term trend is still up and if we move above 1356 I will cover my shorts with minor loss. Until then shorting since 1348-1350.
Bernanke to speak today stay tuned
Have a nice day
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