SPX 3-14-12

Thank you, Jamie Dimon, for "leaking" the stress test results yesterday and sending a market that was in control into hyperdrive. I have to give you credit for your "cohones" for you sure know how to game the system. As long as the market goes up, nobody asks questions...

Gold got the message but apparently equities think that they can just decouple from the USD and all will still be hunky dory.


My charting abilities are somewhat limited so it's hard for me to illustrate the next resistance. 1400 is mainly psychological -- 1407 is some sort of Fib line between the 1500+ high and 660 low. So this should be tested in the next few days. I think everyone is afraid to sell at the moment but, that could change very quickly. I recall saying this same thing over and over in 2010 and the rally never ended. So if you have more "cohones" than me or are just plain aggressive, get long and hope for the best. Otherwise, keep your cash in your pockets.