S&P futures look like they're respecting the 1295.50 area, so far bouncing off 95.75 this morning. I'm leaning to the long side, and anything much below 1290 would be cause for concern. So far, the overlapping decline from the highs has me feeling that another up thrust is in the offing.
I'm taking a small long with the SSO at 51.28 and will supplement with calls if the market comes in toward 1290 after the open.
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