West Texas crude broke above resistance today at $107. My next target is just shy of $120. It might take a few weeks to get there, but unless there is a solid close below $102.70 it should get there nonetheless.
Corn was limit up today - another commodity showing strength.
The first couple of days of the month should be positive for stocks, probably into Tuesday at least. Then we should see a brief pullback. At the moment the best interpretation is that we are in an impulse wave up - either minor wave 5 or minute wave [iii] until proven otherwise, although none of the proposed corrective patterns has been invalidated yet. A sustained move above 1330 in the SP500 should lead to an acceleration. If an impulse is indeed underway, the move should last until at least the end of May, if not the end of June.
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