Wed March 18th

Monday we got a bullish engulfing on the daily charts of skf faz and srs. Tuesday we come back with a bearish engulfing of these same ETF"s.We got above the 768 775 zone of the S&P which may indicate a move higher from here. Does this rally have legs. It may and at this point it looks like it will move higher. Wether a bear market rally or whatever you want to call it, you have to keep an eye on days like yesterday afternoon where the market creep higher and higher. You can not get in front of this train when it occurs . Its important to recognize this and get on board. Its a slow move up so you have to be disciplined and patient. Now these are daily charts I am looking at, and we are day traders so this does not mean we are going straight up or we could have news events and overly bot mkts that can correct quickly. Be patient and wait for your set ups wethwer they be long or short. Keep an eye on the 3,5,15,60 min and daily charts. I will try to supply levels of support and resistance on the S&P s during the day. We are dwn 5 handles on the spoos this am consolidating yesterdays gains. The techs led us higher yesterday with the finacials pushing us even higher in the afternoon. As CNBC gets more bullish we have to be more aware of the rally ending. Looking forward towards April we will have earnings for the first quarte coming out. So now it is time for us to watch for preanouncements. Yesterdays secondary in WYNN was very impressive. This indicates more to come as firms need to raise capital to meet loan agreements. Good luck , stay nimble