03/01/2012 Intraday Watering

[TWT]

DAX: And this is the master of the funky EWP

(thewavetrading.com)

[TWT]

FAZ: The EWP is so appealing that I hope THEY will not kill also this one

(thewavetrading.com)

[btran874]

Hahhaa, this is a scamturd market. Now they said it's not true and /es shot up to the moon. 1384 baby, it has to be 1384.

just jumping outside the short term action for a second--what we appear to have is spx qqq and indu breaking over the prior mulit month highs. this is bullish however you want to explain it. however the odds of testing this area are huge if in fact we can go up and hold over it.

i will defer to your 1384 idea since i have no exact concept. but the over all idea is that we have gotten over the key highs from 2011 and held so far. stops (such as they were/are) have largely been hit. and nobody sees any reason to sell hard yet.

if we look ahead--assuming the idea above is correct if we test and hold 1-2x they are going to go bat shit for spx 1500-1600. i know others here see this as rigged or dishonest--but so far all i see is everyone just playing the direction (up). also near major tops you get crazy action so the whole thing more or less fits the typical psychology (and the idea that nothing counts other than today's math).

bottom line the closer we get to your 1384 to say 1405 the more we can look for a test of this last breakout from the upside--if that holds beware the usual crowd buying like crazy as we approach 1500-1600 area.

maybe oil on a weekly is a hint (eg that it can get to the top of a range flip and at that point something happens)

good luck to all

Thank you and very well said. Actually I am not anticipating a major sell off at least not yet. My intermediate term target is between 1413 to 1431 maximum before we see a major sell-off about 70-80 points or so on the S&P.