S&P futures got to 1278.50 overnight. I do not think they've hit the lows, although there are some juicy looking buying tails on the 240 minute overnight chart indicating some interest in this area.
A closer look at the action since the overnight lows, however, looks corrective rather than impulsive, leaving me with the opinion that the lows will be tested or exceeded in the regular session.
I am still mindful of the vacuum between current price and the upper trend line of the consolidation which is still roughly 1320. If we get to 1270 I will look at either dumping the rest of my SDS position, getting long, or hedging it.
Europe and Asia are red, red, red. Japan's 8.9 earthquake is fanning out across the Pacific. Perhaps we should be on guard for a head fake of some sort.
May God bless and protect anyone in the path of the tsunami.
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