Markets had another great week and ended up higher ,, with the first days very choppy overall.

We got out of all shorts early this week and took long positions especially in coal sector which looks ripe for a big bounce still.

All the charts I’m looking at is pointing to some more rally next ,, however we have Greece elections today and it could go either way.

The chart pattern suggest however a rally in euro near term with rally in the markets. IF its an inverted hs pattern which it looks like very much,, then we have a target on SPX near term at 1380-1400 area.

Remember my long term outlook remains still extreme bearish and after this move higher we should see lower levels and eventually take out October 2011 lows. I’m still standing by this ,, that a major decline is coming ,, could be a run INTO FED meeting and then it will dissapoint on Wednesday?

But we need to look at the charts and right now they tell me that we might see some more upside and dow jones could target 13.000 again before next big drop.

So right now I’m short term bullish but longer term still very bearish ,, a close below 1330 would be very bearish (in case we get below that level).

What I’m hoping for is a fast and violent upside move into FED meeting on wednesday and then they will likely dissapoint with no QE3 statement imo.

So all in all , we have been nailing the movements up and down past months very good so far,, and lets hope we can continue with this. The big mkts crash might start late June and potentially start if there comes “NO QE3” statement on Wednesday. I’m prepared for it and will move into shorts 100% again when I think time is in.