Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Slaugtherhouse or Jones Town?

When looking for a bloodbath, look no further than the slaugtherhouse.  However, today looks more like a Jones Town.

SnP500 is able to reached it's Head and Shoulders' target:


Also, Spx is at the halfway mark of the 2007 to 2009 meltdown which is the 50% fibo level of 1121.43.  Spx marked today's bottom at 1219 for an 18.32% discount.

A successful HnS usually precede the reversal of a rally.  But then, after reaching it's target, it is prudent to take at least a partial profit for those who shorted the markets since profit taking can become very agressive and a strong bounce may happen at any moment.

Tomorrow is FOMC Meeting.  So be careful.  Obama tried to rally the American spirit but he obviously does not know the investors' and entrepreneurs' mentality.  His type of speech is good for soldiers if he is planning another war.  Not for Wall Street or Corporate America.