On November 6th, 2011 I posted that “S&P is headed to 1345″. Well it closed at 1345 on Friday, February 3rd, 2012.
Now S&P is headed to 1375 with a pit stop at 1355 possibly. S&P could pullback to 1325 after hitting 1355 and then rebound upward. After the rebound S&P should cross 1355 to head for 1375.
S&P could cross 1375 to head 1395 where it could top out finally by first week of March 2012, latest by April 2012.
On January 26th NFLX gapped up due to good earnings. The gap did not fail rather NFLX traded in a narrow range and closed at 116.01. On January 27th I started watching NFLX to make its upward continuation move with a target of 125 in mind. As soon as I saw the move to the upside I immediately alerted members to jump on NFLX with March 125 calls trading at $7.60. Although the target was $125 but I suggested to go ahead and lock gains by market close. We sold our calls for $10.30 thus giving us $270 per contract gains.
On Friday January 27th JNPR gapped down and made a low of 19.96. When stock gaps down I watch for continuation to the downside or reversal to the upside. I noticed JNPR was moving upward fast.
Therefore, I sent alert to members to buy Feb 22 calls for 50 cents and sell for 50 percent profit, which they did in a matter of 50 minutes. Here is the chart of JNPR rising sharply upward after big drop.
NASDAQ 100 closed at 2372 on Friday. The target (as per previous post) was 2370. The resistance above 2375 which will be taken out on Tuesday morning as NASDAQ 100 future is trading at 2390.25. The immediate resistance now is 2408.75 for future (the high of October 27th 2011) and 2412 for cash NASDAQ 100.
DOW Jones made a high of 12,514.69 on January 10th, 2012 and retreated. It seems this time it will cross above 12,500 (closed at 12,422 on Friday January 13th) and then the target is 12,545. If by January 31st, Dow Jones closes above 12,725 then it could go much higher and it would set itself for target of 14,000 which it could hit by first week of March 2012 (75 percent probability).
In the previous post I have mentioned the resistance of 1297 for ES (S&P future). As of this writing it is trading at 1296.25. Once it crosses 1297 then 1310 target will be activated.
It seems Dow Jones will hit 12,545, S&P 1310-1315 and NASDAQ 100 2430-35 simultaneously. When this happens I expect market to pullback for few days.
From the time point of view this can happen on January 18th, 2012 (Wednesday).