Basically I stayed on the sidelines keeping my hands on the mouse trigger....waiting for a bigger sell off. Unfortunately, it did not happen. The bullishness of the SPY chart is still intact.
Friday will be an interesting day, I suspect this might be a good opportunity for the bulls because an announcement might be made about the auto rescue plan.
On the other hand, the pull back of the EURO to 1.4 could mean that it has found some intermediate support.
In addition, Treasuries are making its first correction after a 7 week rally... So some money is coming out from Treasuries.
On the bearish side, the possibility for the Dollar or Treasuries to resume the rally still remains.
For longs, Im aiming for 91.43. If we manage to get above 92.43 the next target is 93.41. Then there is nothing stopping it from going to 95.42
For shorts, I plan to open positions if 88.27 is breached. My target is 86.31 followed by 85.44
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