Friday, February 19, 2010

Morning Post

Opex and Fed rate increase are the big issues facing the market today. It will be most interesting what happens later this afternoon. How you position yourself may be a tough decision. I'm still going to lean to this being the end of A or the first 5 of a 535 corrective move up. I'm still in the market manipulation/PPT camp, and they will force it to go wherever they want it to (like it or not). You should be used to this by now. If it is the top of 2 then we'll know soon enough and be able to position properly.

SPX daily - Upper BB, resistance, 50ma and the 61.8% retracement with the indicators topping out combined with the Fed announcement should generate a turn here.30 and 60m indicators are topping. Even though the futures are recovering right now I still think we correct soon.