Repeat everything from this post just last week, at SP 1150 [Mar 16, 2010: Away We Go], and simply change it to SP 1170.   Not much more to add - this is simply the same trade repeated over and over... and over... and over - expecting the obvious to fail like it used to in the old days, but it never seems to anymore. Back into long index positions - will stick with it unless 1170 is broken as support.

(I've added BGU to my normal array of TNA and SPY calls - in this case April 118s) 

EDIT 3:22 PM - this might actually be a better chart to show.  It indicates the S&P 500 has not closed below even the 5 day moving average since February 16th.  Remarkable.   Perhaps the better idea is not to sell until a close below the 5 day moving average.  Mulling it.