S&P closed at 1318 off the lows of 1296
Today had every attmept to take out last fridays lows and take a plunge lower...BUT it didn't...once I saw the bulls begin to take advantage of the fact that the Bears couldn't put them away (low 1300's)....I took on some bullish hedges to protect my short positions...sure enough Market went crazy when the computers got a hold of it and exploded to close positive on the day....I expect some more upside from here and will remain hedged until 1337-39 or 1347-53....those are the levels I will be looking to exit hedges and go back to fully short....counter to that a break below 1312 will have me watching closely for action and then ofcourse below 1304-5 and friday's lows will have me possibly exiting all hedges...mkt neutral here for time being...that bounce has to be respected...and if it doesn't play out than I will have higher conviction on short side again...
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