the 1089 area did not hold and we turned higher. the 1117 target was met. the first indication of an ease in unemployment was reflected in the unemployment rate decline from 10.2% to 10%. while a good sign for the economy, this rate decline eventually gives the Fed room to begin raising rates. Now is the time to look for companies with good balance sheets. the TBT at 46.53 is a way to participate in the increase in rates.

Long term –
the long cycle 1209 target remains and 913 will start a new down move. on a shorter cycle 1162 is the next target up. a new move down will be started with a trade thru 1049 with the first target at 980.

Daily –
the 1117-1119 targets have been met and are acting as resistance today. the next target up is 1144. It is Friday and the buying pressure is fully extended on both the daily and the intraday. a close below 1195 will start a new move down to 1080-1071.