The market surprised me today

I was hoping FAS would touch $7 and activate my $7.18 limit order. However, after the initial drop, the buying power was way too strong.


I am expecting .spx would be in the range of 830~880 (maybe a little higher). I know a lot of people are expecting 800-850. I believe WFC pre-ER announcement is a very strong boost to this market in the ER season.


The FED's decision of releasing stress test result hurt BAC and C, obviously, at least for today. Again, it reminds the market that "some bank might still be bad". Now let's see how JPM's ER will be.



Now looking at CPC moving average. It's been very accurate in calling top and bottom ever since the financial crisis started in Fall 2007. However, it has not been accurate at all since this rally started. When was the last time this indicator not working? check 06 and 07... ...