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I think the next two weeks will be very bullish, the market may show signs of irrational exuberance. They may try to squeeze out the amateur shorts before they take it down. We have a wedge pattern in play on the SPY's daily chart together with a well defined trend channel. Both patterns hit support and bounced. The wedge pattern gives us the target and the break above the trend channel will tell us when its time to short the market.
I went out of my norm on this one, they forced us to load the boat yesterday. I think the market is going to make a new high before May is out. However, I lowered my target on the SPY to 216.50 from 17.25. There is a well defined upward channel on the daily chart which started on April 1, 2015. It cracked yesterday and snapped back, technically this is bullish, opposite of a failed pattern which is bearish. Next week should be unusually bullish. I think they will break it above the channel, if this should happen close all positions and short the market.
Whenever weekly options get out of balance, the institution whip it around to make the majority of the options expire worthless. However, they don't just do it, they let us know first. For instance, I know the market will be green tomorrow.
We will se higher highs before the market corrects. Spy hit my pattern target, it needs to confirm to the down side tomorrow to break trend. Bull wedge on daily still in play on SPY.
If SNTA has anything of value, she has inside info to work out a partnership.
Traders don't realize how big a deal this is. Companies who use their system are protected from law suits. We will see a big pop tomorrow.
I don't like to play options before earnings, they make it expensive, its hard to win up or down. I bought regular shares at the close because I like the bragging rights of todays endorsement.
Keep an eye on BIIB, a wedge pattern break out is suggesting a big move up. However, the mm may mess with the stock to scare the call holders. A window may open at a key support.
I took a position in SPWR after hour. I see a nice cup and handle pattern on a 30 min intraday chart. I take that bet, to off set my VXX hedge. I'm playing YHOO and SPWR with a VXX hedge.
There maybe a sector rotation next week. I am looking at SPWR and FSLR they both have the same pattern and time consolidation. They should trigger up or down next week.
I decided not to buy back in yet. I may have left some money on the table, but the vxx is troubling me. They set a confirmed intraday trading range on the vxx with a minimum of two touches on the top and bottom. It broke down on 4/7/2015 and closed today at 22.13. The pattern is suggesting a measured move to 22 which we hit today without any kind of bounce. I think the mm was setting everything up for option x next week. The market may sell off next week. I'll play the bounces either way day trading in and out.
The stock needs to work off the over sold condition, by trading side ways or by a fast drop down. It will be supported at 41.87ish. The next level up is 46.16.