Shaked me out

So the market shaked me out of my longs late tuesday them decided to make a V reversal after hearing Obama talk about tax cuts and the Fiscal Cliff yesterday.
Before the open we hit 1416.75 which was some resistance and will be looking if we can get through this area on any buying.
In the mean time I am all flat and waiting to get back on board as long as there is no choppy trading which has been frequent these days.

Downside

Traders working the downside early this morning- looking for that 1378-80.75 area for some meaningful support

Before Open

Well seem like getting out yesterday at close below 1400 seem to be the right call before the open. 45 before the open we are down on the futures and looking for support @that 1391 level early on.
Yesterday was tuesday and we didn't get our usual turn around tuesday play that that tells me we are biased here to the downside for the moment.
Let's see how we play into mid day.

on the upside the number to get through is still 1408

1403

1403 is the magic number for me to stay in my current longs at the close- of we close above I will still ride my long positions I have but below I will cash out.

I still believe in my upward bias mode for rest of year but we could be in for a pullback before we remount again.

BINGO

officially +40 point on the S&P since friday's buy.
Sometimes you just have to take the opposite side of these tv talk heads even without a setup.

Proves they are always late or wrong!

BINGO!!

WOW- market moving up nicely from my 1345-50 zone- Premarket we are at 1372 with resistanace @1376.
I will be taking 1/2 off within the first hour for a whopping approximately 28 points.

BINGO!

GONZO

First trade after a week off and BINGO - rock and rolling + 13 points on the S&P.
If we close above 1360.50 that would be very positive!!

Days Off- Buying here

Took a couple days off but wow the market crashed and burnt-
Today is options expiration and today is a no trade day for me but I am legging into some SPY calls and Futures at the 1345-1350 level for a medium term hold.

Weak day

Though this is a weak day as long as we close above 1410 the structure should still be ok to go higher- BUT is we close lower than 1410 that would look extremely damaging and would mean we would visit sub 1400 next week. The number I am looking at is around 1392 for next week if that scenario happens.

Up Up and Away

As noted yesterday while they are claiming all doom and gloom my bias here is to the upside. Who knows last week dip below 1400 on the S&P could have been the buy into years end but we will have to see.
Look for some resistance at 1425 on the S&P if we can get there today.