S&P Mini-Futures: 5-4-07: Trade Setup

As I was telling my friends yesterday, this market is going to go higher today. Why? Well, you have had a lot of people that have been sitting on “the side” due to the housing market mess. They have been “afraid” to get in. The market has broken one record after another. These are the same people that will now try to get in because they feel like they are missing the train. They are the wons that the big players want to get involved so they can take their money. If you look at the institution hour, you will see selling. Then why is the market going down? Slowly but surely, people are covering themselves through shorts. This is why this market will go up from 1-5 more days before a correction will take place.
Here are the charts. I am shorting at R1 value. My stop is .50 points above R2.
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About the Author Manesh Patel