COT And Steve Brieses' Call [my take]

[al]

COT is for trending, not timing. So I see Steve Briese's view as a cue to tighten stops, but not yet exit risk-on positions. Looking for SPX 1370 before we get a pause or reversal. Would change my outlook if we see all three of the following: 1) audusd below 1.75, 2) usdchf above .9152, and 3) spx below 1332.

as for the case of COT...my view is its an initial set up. from there i simply use trend lines and/or divergences.

as for price targets, i find myself incapable of finding resistance points in a rising market--until its already happened. a defect of mine i suppose.

[al]

The guys on FastMoney came up with the same 1370 level that I came up with. No surprise. It's obvious. The May 2011 pivot high. No doubt 1000s of other people have the same parameter. The crowd think 1370 must be reached on this options expiry week, or else. The crowd are not always wrong. So I am also placing a "time stop" for Friday. I'd that's the wrong move, and spx goes above 1370 right after I stop out, I can always get right back in, with 1425 as a new outlook.