While most traders seem to be getting nervous (or even short like TPC) as the S&P tries to touch its 200 day moving average, Tony Caldaro at Unbiased Trading targets a level for the S&P above the 200 day MA:

“Our upside target for this uptrend remains between two OEW pivots: SPX 1041 (50+% rally), and SPX 1107 (50% bear market retracement).”

It’s unrelated (or maybe it is), but Tony also has an interesting tidbit in his outlook for next week:

“Another busy week ahead. On Tuesday the US reports its Trade and Budget deficits. Wednesday we have Retail sales and Inventories. Thursday the weekly Jobless claims and the PPI. Then on Friday the CPI, Industrial production and Options expiration. As for the FED we now enter the twilight zone. On Monday FED chairman Bernanke returns to where the concept of the Federal Reserve System was originated. I quote WTP; “In 1910, a group of the world’s most powerful financiers traveled incognito by train one night from New Jersey to Jekyll Island, Georgia to covertly design the strategic, political and legislative foundation needed to install the privately-owned banking cartel that we now know as the “Federal Reserve System.” Bernanke will address the Atlanta FED that evening in Jekyll Island. Then he, Geithner and/or others will wisk off to Vouliagmeni, Greece for the annual Bilderberg meeting.

In case you are unfamilar with the Bilderberg meetings: This is a secretive (no press coverage) annual event that started in 1954 at the Bilderberg hotel in Holland. It is by invitation only. Around 125 of the most influential people on the planet meet to privately discuss world events and political/economic strategy for the upcoming year. This year the event is being held between May 14th and 16th. Last year it was held in Chantilly Virginia, USA between June 5th and 7th. As an example of the potential market impact. Last year the hot market was Crude oil. Between Thursday June 5th and Friday June 6th 2008 it surged 14% to $138/bbl before topping a few weeks later. We all know what happened next. This year the hot market right now is equities. Personally I find it absolutely incredible that Bernanke/Geithner addressed the CFR in March, and now Bernanke is going to be at Jekyll Island too. Bernanke, then Treasury secretary Paulson, now secretary Geithner, Rockefeller, Kissinger, Rice C., Summers, Daschle, Johnson J., Schultz G., Wolowitz and Rubin were among the attendees of Bilderberg last year. Should be an interesting week. Best to your trading!”

It’s hard not to be a conspiracy theorist these days…where there’s smoke, there’s fire.   Swamp Report adds these two links for the interested reader to enhance Unbiased Trading’s post:  Bilderberg meetings – secret agenda for this May and WTP (We the People Foundation) .