Thank you Federal Reserve officials... we now, in the first 30 minutes have retraced all the market's losses of last week and it's as if they never happened.  Must be nice to move markets by signaling in so many words, the US dollar is your personal toilet paper. 

We are now at highs reached last week, we'll do our traditional strategy which is to sell into resistance, and then buy on any jump over it.  Thankfully, anticipating another Manic Monday (this marks the 8th up Monday in the past 9 weeks, almost all in excess of 1%) we got rid of our index shorts as the S&P fell into its 20 day moving average, and turned coat late in the session to the long side.  We'll be exiting the SPY calls we threw on in the waning moments of Friday's session (only about a 3.5% allocation as this was not a high probability trade).  I'll update this post shortly with that executed trade.

As for our next pivot point we're talking S&P 1112ish.  So we'll see into it, and get back in if we push right through.  If the S&P break norths of this level this will something like the 84,216th double top breakout we've had since March 2009.  (ok I exaggerate a bit)

EDIT 10:10 AM - seems like there is a glitch in Investopedia.com tracking this morning as option prices are stuck on Friday's close and not updating.  Hence I cannot sell here around S&P 1111.  So I'll sit on my hands until they fix it, otherwise I won't benefit.  I have December 110 SPY Calls, bought at 1.92 Friday, currently around 2.90.  Not bad for 1 hour's work.

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