Weekly Update September 14th

This is getting interesting. The COT report is showing the big guys below the 0 line http://tinyurl.com/k76gqyc. This is the first time since December 2012 that the Large Spec are below. See below my weekly chart of the ES. Bears see this area as an opportunity to short possibly due to the Resistance from 1688.75-1705. Bulls want to take this above 1705. I am long the market with a real fast finger on the trigger. Looking at a daily chart I am expecting a pull back to 1667. If this does not hold then I will start looking for the next move. Keep in mind this market is being held up on thin air (Fed Hot Air Balloon). I believe the COT is telling us that the big guys believe taper is coming so they are starting to think short. Listen for the language coming from the fed. Personally I think they will stay quiet unless the market starts to tank. Then they will ease taper talk. If the market gets moving above 1705 then they are going to bring in more language about taper. ES 09142013