Market view

Overall markets did run higher as widely expected - markets went up around 0.5% by avareage and my long poistions working out pretty good. I would say though - that the move up is not strong , but just slowly grinding up for now. But I think we could get a strong move up with good volume very soon - as most people think this is a head fake rally and we go down again any day now. I think we are setting up for a big rally into backtesting broken trendline at 1320-1330 area still...

FOMC meeting today + confidence vote in Greece - could be a day where some nice actions happends.

All my indexes is still on a big buy signal on daily charts and remains so. TNA holding size position from 68.8 which is now 71ish already in profits. I am expecting a follow through to the upside on Tuesday as I said friday last week an early rally monday/tuesday and hope for another move up today.

After a move I would expect a minor pullback before moving higher later this week or next week.

The short term target is 1290-1300 range - then a possible pullback before we head up above 1300 and reach 1320-1330. Actually markets reminds me a lot of 2007 top - VERY similar - if we are playing out that , then we have a good short term rally to come and then a nasty drop afterwards.

QQQ is getting so close for a breakout over resistance + I think AAPL bottomed yesterday at 310 with a red hammer formation.

So overall - yes we might get a pullback - I really dont think we get a big plunge right now , but a little pullback should be in place soon before we head up higher. So I remain bullish since late last week and holding my long positions.

I've made a chart from my previous long/short calls.

All indexes oversold and ready to go seems like to me - what worries me is - that I dont see much "good news" out there - but overall seems like sentiment is so bearish so any neutral news or some "hope" news may kick start us big time.

So for now SPX target still in the 1320-1330 range - a move up tuesday with a pullback mid this week for then another rally late this week and next week might be in the cards. But again who knows if we wont move a lot higher and probably make new highs ?? I think no ones out there believe that we will make new highs or not many - when looking at the FTSE weekly chart we hit that trendline Ive made perfect , and seems like bouncing nicely from it ... lets see if its a launch pad for higher levels - sentiment is still extreme bearish and put/call ratio indicates a bottom is in place at least.

I think when QQQ is going to break resistance - that would help overall markets a lot to gain strength - as they have been weak - but yesterday seemed to bottom.