The market looked like it could have gone either way yesterday, but it never quite got away from the middle. A good time to exercise patience. This morning the S&P ES futures have rallied to the near-term target I mentioned yesterday morning. I'll be dumping my calls at the open and will assess whether to be a buyer on a pullback.
The news behind this strong up move seems to be optimism about Ireland and GM's IPO. Just the sort of euphoria I sell into. Only if the the market tells me so will I be a buyer, and only if I'm given an opportunity. 1191.50 on the ES is a .382 retracement from Friday's low. That's not a buy. Technically it's a sell. If Friday's lows hold, then I'd look to be a buyer. But I'll let the market decide. I'll be patient. Like the Cheetah on the Serengeti. Ever patient.
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