My strategy today is to do nothing until 10 am EST. I'm watching 1322.78 on the cash (1320.50 futures). Any trade below this spot would have me concerned about a possible top. By my estimation, I still think there is a little more upside, but the market doesn't care what I think.
The overnight action was choppy and Asian and European sessions were rather mixed. So far I'm not seeing any outliers.
Yesterday's 24.50 low was just pierced by one tick. The cash market will open with an impulsive look to the downside. There will likely be a bounce sometime after. It will then be up to the market to tip its hand after that bounce. If the lows hold, I buy calls. If not I dump what I've got and ride the SDS down to the next level.
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