Monday

It's Monday and futures may have already double topped in the overnight session. What matters is how the cash S&P acts after the open. I'll be watching 1417.64 as an early tell. Staying below that level keeps the pressure on for lower prices, but I think it's getting ready to turn up. I was looking for it on Friday, but it never really materialized.

I'm still using e-minis to hedge SPY 144 puts. I even used AAPL calls on Friday but felt lucky to get out with a slight gain before they went out worthless.

Levels I'm interested in today are 1430, 1410, and 1398.23.

In Japan, where I'm long the Nikkei, Liberal Democratic Party Shinzo Abe won a landslide election.

The key news for me is that he's a big fan of Bernanke and his playbook since the crash of 2008. This means in all likelihood more aggressive stimulus in the face of ongoing deflation. A weaker yen and a stronger stock market could be the result which are two of my longer term bets.

The caveat is that I think the Nikkei chart would look much better with an eventual low nearer to 5,000 and yen below 75. I'm currently flat yen.