Comments and outlook for 04-05-2011

Not exactly the type of day I expected.  I expected a bit more of a push to the upside.  We got a bit of push the last hour, but nothing to write home about.

Still, I believe we get at least one more surge to the upside over the next 2-3 days which may well test (or break) the old highs.  I suppose it could do that 4 points a day on the S&P over the next 3 days or do it at the open one morning.    I would observe that it appears though the longer cycles are starting to lose some upward momentum and move more slowly (this is what we would expect as we approach a top).

Tomorrow should be up.  How much?  Not sure, but at least 3-4 points.  Don't forget the DJIA has already set a new high and often it leads.  Here is how tomorrow looks:

GL traders.  Do your own analysis.  Might want to tighten stops....