Well, what a day. In the night trading, the market went on down to the 1050 mark and satisfied that minimum target area I called last week. I saw something in the charts yesterday that told me we were about to move out, but before we did, I nice target hit in the 1050 first. The market moved up nicely after the open and continued to push higher through out the session.

I made a U-Tube video of some of the turning points but elected to show it in a clear screen. You can see the trades I took through out the day and some of them were for good gainers to the long side.  I did take a few more trades after the video and they worked out nicely adding to previous gains. A very nice day over all, with nearly no losses. This is another one of those big $ days I talk about that we all need to hit on occasion. It does not have to be every day, because the market is not going to co-operate with what we want all the time, but when it does, take the easy and obvious trades it offers without struggle.

I did some scalping as well, locking in partial profits along the route. During the video, I mentioned that we were going to see 1080 on the S&P either late in the session or in tomorrow session. Well, right at the end of today’s session we hit the 1080 level 3 times and looks like we are going to close right on the high of the day.

If you look at yesterday’s blog title and article, you will see, I was expecting this move. In fact as of last week, I have been saying that we will likely move down for a few days to work off the current excess with likely targets at 1050 minimum and 1040 on the lower side but had a bias to the 1050 number, because the move back up was going to be explosive. That was the call. The extra time to prepare is a gift to those who can map out a strategy on how they can take advantage of the large Bull move that is still coming. We are just getting into position for this to play itself out in a big way.

There is likely going to be some catalyst for the move and I don’t have a clue what that will be, but it could be earnings surprises, since we are in earnings season? What ever it is, it does not matter. The surprise is going to be on the upside and it is going to get the bears running for cover in a very big way. That is the call and I am sticking to it.

I did say that confirmation will come in at 1090 to 1095, so we have not seen that. I don’t play the overnight, but like to follow and call the daily moves, because I know some of my readers do. In addition, it is a good exercise for me to get an early read on where prices are likely to go to, during the course of the day. Trading in that dominant direction is best for the larger moves throughout the day as in yesterdays 8 point short gain (partial) and some of today’s extended moves, (long).

We will likely see the 1085 I mentioned in my video, either in the aftermarket trading or early in tomorrow’s session. That is not the end of the road, but the market may pause there for a moment, to build up additional pressure for the coming advance over the levels I mentioned above.

Pretty bold calls, I know, but so far so good. Lets take it one day at a time and participate if your own work confirms my idea’s.  Good Luck and Good Trading, Vince.

P.S.  I started writing this blog before the market closed and just mentioned that we would likely see the 1085 target in the after market and I just looked to see that as the market reopened at 1:30 West Coast time, the market advanced 5 S&P points to exactly 1085. WOW. It backed off once it hit that number by 3.25 points, proving to me that the number was a good valid target hit. OK, that’s All Folks !!

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