First 800 was broken, so we now have on a psychological numbers level support at 800-750-700-667. Then the market has support '08 Lows which have been broken. Plus the markets 50MA.
Looking the weekly SPX really wants to run and has the room too do it.
I went long CHK today: My stop is the redline.
I am also long USO Apr 34 Calls. I think USO will run. The dollar is looking weak on a weekly basis. I don't think that the run-up in oil will be based on demand as much as it will be the decline of the USD.
I am also going to look to get long UDN, the dollar should fall within a few weeks.
MACD has now crossed, and there was a clear divergence during the last move up.
Plus we have the gov't and Fed printing money like it's going out of style.
I would like to see any type of a pull back and see how the market reacts. If 800 holds, we could see a strong rally to possibly 900.
