Monday Possible Move

Welcome back from the weekend! I'm really excited for Ross's great blog combination... Fantastic idea! Looking towards to Mondays S&P 500 Emini trade as well. My bias at this point is leaning towards the buy side as the indicators are very oversold. I officially am holding some contracts from the 673 area buy from Fridays last 30 minute rally into the close. We are deeply oversold but the market has not, as yet, given the “all clear” sign. This could be the start of a rally back to 726 -754 in the S & P before a final plunge to 625 where the real rally begins. If we get this short term up move now, use it to your benefit but be extremely careful about staying long. There is a multi month rally coming but this market is very suspect. If we can’t get above 780 over the next week, look for the final plunge to 625 to occur.The important upside levels are 706, 714, 726 and 754.