Market view

Another BRILLIANT day with both TBT up big 5-6% as called and DZZ ( we were short gold 2 days ago , bought 3.88 ... holding rest 50%) and TNA had another amazing up day yesterday.

Markets closed right near some trendline resistance - and today will either be a DO or DIE imho......

Question is - will we break this trendline today or will we plunge or just make a sideways/down pullback?

Im still holding all my TNA position from 36-38$ and holding 50% shorts in gold which I possible would take profits on soon.

Short term charts is very overbought right now - but with the little pullback yesterday it helped a bit. If we dont breakout today and make another monster move to the upside I think we will get a pullback before and then breakout tomorrow - but either way holding my long positions.

One thing I find VERY interesting is that we broke a rising wedge last week where markets plunged a lot - but IF we are going to backtest this rising wedge trendline its at 1260 on SPX , and ugess what - 1260 is also the number of the neckline of toppping HS pattern + near MA(50) and MA(200)..............

So I dont know - if they wanna push us up there - but its very possible imho and thats why I also stay long from 1110-1120 on SPX and holding with great profits currently , but holding all tight.

Conclusion: Im holding all my TNA swing trade position and some small caps - markets broke some big trendlines yesterday which could set us to fire up higher. My personal target is just a move above the recent highs which is 1207 , so if we reach 1220 im happy enough - everything on buy signals and we will continue so as long as SPX holds above 1160 level.

XLF and financials still looks smoking bullish to me and ready to rock , went up near 3% yesterday and I think it has more to come... the most bullish days for markets should be today and tomorrow - so lets see if this is true..

Come join us at www.nwatrading.com take a look - we have been killing it lately and made over 20+% in DZZ , 6% in TBT , 10% in THLD and lots of others lately , there I can give you intraday analysis help both for swing trading and daytrading :-) I will soon be taking profits and will only tell the traders in the room when to do it intraday.