Look Before I Leap

Reuters says Spain might need a full EU/IMF bailout.  Bloomberg says Spain won't seek rescue.  This feels like policy makers floating trial balloons.  Further indication that concrete ideas are few and far between.

To be fair, ideas will not help much when the only options are growth, default, or restructuring.  All else is hot air.

Hot air entered the futures markets once again overnight, driving the market higher.  The 1362-1363 zone on the cash S&P is a significant resistance area.  If this area is exceeded (and sustained) during the regular session, it would signal to me that, yes, the next level of interest is indeed 1380 and possibly higher.

I had expected to see a reaction from yesterday's 1363.13 level back to at least 1350.  A reaction can still come, but I want to see how the regular session looks before I leap.

Has anything occurred that has made me bullish?  No.  I'm still playing the same, and still regarding higher prices as opportunities to sell while using options as defined risk for upside speculation.