What Happens When Traders Oversleep

I don't wear a watch. Lately, I haven't been using an alarm clock, either. Today the phone rang at 9:30 am and I was still asleep. What a day to sleep in.

What did I do? I turned on the computer, saw the S&P was down 20 points, saw positive divergence on the 30 minute chart and re-bought SSO (which I had dumped yesterday when the S&P couldn't get to 1801, the 38% Fib).

I'm now out half of it as of a little after 11 am. There is a stop of 1774.03 on the rest. If the rally is for real, it should have no problem getting above yesterday's high. I'm starting to have my doubts.

Here's the reason why:

New all-time highs may still be around the corner, but possibly after a deeper retracement that would break through the 1767.99 level, just as the Dow did this morning. Then, as long as 1709.67 held (the August 2013 high) the S&P could still rally to new highs, possibly into the Vernal Equinox in March, or maybe a Sell In May could develop.

Plenty of time to zero in on timing later. For now, I'd rather zero in on not getting caught asleep at the wheel, and am open to all scenarios.