May 3, 2010 Open

The first chart is a 60 minute chart of SPY showing the strong rise out of the Feb,5 2010 lows. It also shows we have been grinding sideways with an attempt on April 26th to break up which failed. This is the type of action often seen at tops and we are looking for a top in this timeframe, that is a top for the primary cycle which started on Feb 5th.















The second chart is a 5 minute picture showing the large red volume bars which depict large volume selling. Note the end of the day on April 28th. It should be an interesting open on May 3rd with the potential for a gap down. We say potential as the PPT (plunge protection team) will be watching this closely as well. If there is large volume buying early Monday we will be adding to shorts.
















Astro wise there is some very negative energy Monday and Tuesday. May 5th, Wednesday has heliocentric Mercury going into Sagitarius which usually results in moves in precious metals and currencies. This is usually positive for precious metals but that will depend on where PM's are at the start of Wednesday. As we write this PM's have already made a strong move and a pull-back would seem to make sense.

If Gold is still going up around the Mercury Direct date of May 11th then look to sell. If by any chance it is still going up on May 14th sell as Heliocentric Mercury will be moving out of Sagittarius to Capricorn on May 16th.