The S&P's triangle pattern is alive and well, especially after Friday afternoon's market action which erased a three-wave decline. Based on that alone, I was looking for an up day today, regardless of the situation in Cyprus. Surprise surprise, futures are up (though slipping).
Europe is solidly in the green too. So far, it appears that the disintegration of the Euro Zone has been spared at the expense of large depositors (40% "tax"). This is theft, yet the markets cheer.
Friday I was expecting a tag of the declining trend line from the 1563.62 top at ~1560. No idea whether the market will blow right through that line, or will back and fill before a thrust into 1567+.
Using two different tranches of SPY calls, 155s and 157s. Today I will book the 155s. I'd love a chance to reload after I do. Moving the stop up to 1538.57.
Speaking of triangles, the Nikkei seems to be forming one too. I'd like to take final profits after ~12,700 if I can, while remaining with the China and Vietnam positions.
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