The collision of global markets and social mood

Thursday, January 10, 2013

The Countdown

Looks like 1467.94 will get taken out sooner or later. Futures have been in rally mode all night after the S&P 500 tipped its hand early yesterday. Now the countdown begins for a new high above 1474.51. I'll be looking for a fade out anywhere above that level, but price could rally quite a bit.

I've got a little VIX, a little SSO, and a little less VNM after selling some yesterday as I said I would. I'd prefer to hold on longer to VNM, but anytime I get a surprising gain, I take some off. Too far too fast in either direction usually sets up a retest.

As for the S&P, there is no guarantee that it heads straight for new highs. It could still be building a triangle or some other correction, but that would mean to buy dips if they should materialize.

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