Hold off

Market is moving too fast and I am too busy recently. I didn't get chance to update my view when the market is at my first target of 1330.
SPX is approaching my original target around 1290 neighborhood. I expect more battle at 1300. I refine my plan to chase the market if 1300 is confirmed to be a short term bottom, but not to hold the falling knife.
When I say confirmed, I am thinking of a rebound to 1320-1325 area then back down to sub 1300 to make either a double bottom or a higher low.

Sell in May and walk away

The "Sell in May" strategy worked with a high success rate. I guess it works this year as well. Equity futures drop HUGE tonight, and now below the "Benanke-hint".
As expected.
The market need to "persuade" him to print more money. What really bothers me is still the correlation among products. Here are the latest reading of the over night futures market.
SPX 1342, check;
USD 80.1, check;
EURO 1.298 smile;
oil 95, wow;
gold 1638, what???

Enough said. No change in strategy. No change in plan. Good luck to all.