Market view

Wow - what an AMAZING week we got in www.nwatrading.com crew.

We went short markets at 1230 and took profits on shorts near 1200 SPX - then went long at 1210 area and remain long.

What we got on Friday played out as I thought with the bullish inverted hs pattern , which sended the markets to the highs for the past 3-4 months.

My bottom call of 2011 still working out very well.... so what is next to come from here ?

I believe they are going to make a big deal in Europe for this week late this comming week and I think it will be a big deal which would be in agreement from all parts.

However I think that after the deal is announced they will fade the news - which means that maybe the markets has gone a little too far in hope of a big deal.

All in all - I remain long as I got buy signals on Friday on the daily charts on every single index.

The euro FXE broke the MA(50) on the daily chart which is very bullish for euro - and broke a neckline on Friday which have a target of 146 on the FXE in next 1-2 months.

Therefore I believe we have a lot more upside to come in markets - but I think we are getting closer to another short term top - possible late this upcomming week.

But as long markets going up , we will keep riding this baby up and I remain therefore long TNA swing trade at 39.5$ which is already in nice profits.

Conclusion:

I'm long markets from 1210 area after selling shorts near 1200 SPX - my upside target is around 1275 (possible test of MA(200) ) and target for dow jones is 12.000 near term.

After we reach those levels I think we could see a sharp pullback again - but time will tell...

Still believe market bottom for 2011 is in and this is the start of a bigger rally.