daytrading march 14 pre-market, page-19

I've been expecting the US to break through overhead resistance for some time now but didn't think they would do it last night

I expected it because that event would catch the bulk of the market that was either short or on the sidelines by surprise and "the fer of missing out" coupled with a short covering rally would set the stage for a Euphoric Blow off top wave ending with a correction in May.

Having said that we might not correct in May that hard as we have had 2 "sell in Mays" back to back in the previous two years which reduces the probability of a "sell in May" and does increase the probability of a "sell in October" scenario

2010 2011 were both bad years May-Sept so the odds of getting a sell in May scenario again this year are really reduced and it is more likely that we rally through until Sept and get the big correction in Oct

I will be cautious and vigilant come mid April until then let the Good times roll