Waiting Game

Europe stages a strong rally on comments that Japan will provide additional support to European bonds along with China and the ECB. It's a relief rally. Asia steps in to protect its interests. It needs relative calm for its next largest market of consumers. Meanwhile I still see the S&P getting to a higher high, and have bet so with SPY 127 calls. There could be some backing and filling, but as long as the charts retain the structure of a triangle, I'll let these calls ride. Any trade over 1277 on the futures and I start looking to the bear side again.