Hmmm

Very interesting action yesterday. Whether we melt up higher or we pause here is definitely a toss up. I would not be initiating any new longs here. As of yesterday I am out all longs and went 1/2 on some QID. I think it might be prudent to buy some cheap puts against an longs on the SPY here the $130 puts @ $1 look good enough for a play. Yesterday Gold made a nice push higher and it came on the highest volume seen since August it looks like, watch for follow through on the commodities. Otherwise we are just coiling here but it is a pause in a upwards trend or a try and fail on higher. I am indifferent here so I am playing small. P.S. Retailer investors are showing little activity and the big guys might be waiting on them to come into the market for the usual game of giving them the bag and selling off.