Waiting For Another High

This market action is getting boring. I feel like I've been saying the same thing over and over.

I look for the S&P futures to go above 1296.75 to possibly as high as the 1303 area. Could they hit 1310 (1313 cash) which would be the August '08 highs? Why not?

I am slowly scaling into SPY 129 puts. IF we should get some sort of down thrust before a new high, I will hedge the put position with the ES (e-mini).

Standard & Poor's cut Japan's debt rating which is causing the yen to weaken.

I haven't mentioned the yen in a long while, but I am still waiting for it to poke below 80 for a multi-year short.

I am short a little bit already using the YCS, but I strongly believe the yen has not reached the end of its run yet. If that happens, I will do the trade using FX contracts.

The yen could conceivably weaken to 85 or so before I got too worried.