As we wrote this morning

We are now nearing the top end of the ascending channel, and I do believe I SPY a small gap just over 102. With the S&P 500 up 7 out of 8 days (and the other day was barely in the red) the bears could soon have a day of job coming. A move over S&P 1060 with the traditional junk stocks moving in spectacular fashion would be a nice set up to revisit the dark side, however temporarily.

So we have received the move over 1060; and it is beginning to feel panicky in terms of buying (I need to get in)

Here is an update from this morning's channel chart - we are now at the top end, almost to the tee as we hit S&P 1065. The action here will be very interesting to me.


If it can be timed a switch from SPY calls to puts could be very profitable for a short term swing if and when the market follows the pattern we see above. Camped out waiting for now as there is no technical reason other than we're extended to be betting against the lemming stampede.