mitta' s - sos - monday, page-8

Didn't have time to read the Zoomba Lounge over the weekend but if the general tone was still bearish, perhaps it was a good thing to stay away. Instead I spent time poring over my charts.

I had two worries on Friday - Shanghai and copper. I have decided that Shanghai could be in a little downsloping wedge on the weekly close and if that is the case it is potentially bullish. But I do want to see a topside break to confirm. Copper is still a bit up in the air. Could well be that we finished the fifth wave down last week but I am a bit concerned that the commercials are still very short but I do admit they can be out for a week or two. So want to see a bit more on copper.

But the SPX was great. Broke topside out of the little triangle that has limited trading over the past week with a nice little wosh. Will I get it up into my target area of 1250/1260? Could it even be exceeded? I'm just going to hang in there for a bit longer and if we see something that looks like a top, then will probably take a bit of money off the table. But I think the higher it goes, the better it is long term as the market can have a decent correction without causing any damage.

I read somewhere on the weekend that this is the biggest monthly white candle on the SPX ever. Haven't checked if it is right or not but it really doesn't have a lot of significance - just that the low came in the first trading days of the month and has gone up ever since. But still a great rise.