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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