The Fed Moves to Zero and Market Rallies!

Well, you have to give Bernanke an 'A' for effort even if his policies will eventually be proven ineffective. Looks like enough players applauded his efforts and pushed the markets higher than I had anticipated today. In fact, we ran through a key level I had outlined in my 3 different near term market paths effectively negating both near term bearish looks. I'll have to update my longterm view as it looks like we may have in deed completed the Wave 3 at a larger degree of trend.

For tomorrow I'm looking for a pullback to the 880 area and then a move towards 960 before we top out and move to the final lows of this Bear Market. This move will have to watched closely because while there is room to move to area, the only EW requirement is to make a new high, after that it can turn down at any point.