I am covering the short I put on TNA on the open here as the S&P 500 should open somewhere near 1087. This is the bottom end of the tiny range we are stuck in (1087 to 1100). I put this very modest short on Tuesday around 1096 as indicated in this post.
Now that the upside gap is filled (1088.50) I am more interested in putting on index short exposure IF the S&P 500 can break below 1085ish and stay there. Since we are in a thin market, and bad news can still be viewed as good news (more Fed handouts) I'll play this small range until we prove we can break out of it. Hence the cover here. Remember, last week we had the exact same reaction to a bad weekly jobless claims figure but dip buyers came in hot and heavy - we were much more oversold then however due to a very bad Wednesday the session before.
Otherwise, back staring at squiggly lines and observing behavior around the 50 day simple moving average - now up to S&P 1089. For those who reside on grassy knolls, the 'urgent buyer' knows it is important to hold this level as the action the past 4-5 days has demonstrated.