Back In The Saddle

It's the first trading day of the new year and everything is as it should be as the mania continues. Happy New Year. Facebook is valued at $50 billion. Asia and Europe are up huge overnight. Palladium has broken through $800, rare earths are exploding higher. Meanwhile market internals remain lackluster. Regardless, this not something I want to stand in front of carelessly. The market (S&P futures in particular) obviously has higher numbers in mind. My job is to try to deduce those numbers. For now I'm holding SPY 125 calls against a small position in BGZ.