The market moved close to that 1302 S&P 500 support area before rallying back up a bit. That late session rally does not help to make things any clearer. In fact, with oil pulling back a bit today, we might even end up with a rally tomorrow if no bad news comes out overnight. I hedged some of my previous bullish trades with calls on the VIX. The VIX spiked up nicely today and made up for some of the stops on those other bullish trades. I exited most of my SLV and GLD trades today. Gold and silver look like they might have a short term pull back (especially if the market rallies a bit tomorrow) and the SLV trade has been very successful. If the market is up tomorrow, I will want to see at least another day of buying before I'll want to get back into bullish trades. If the market (S&P 500) breaks below 1302 tomorrow, I'll look to get into some bearish trades or add to existing ones.
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